Organization: Minimum initial stockholders’ or members’ equity required; insurance of deposit accounts by Federal Deposit Insurance Corporation. No bank may be:
1. Organized unless its initial stockholders’ or members’ equity is $300,000 or more, or such greater amount as may be required by the Commissioner. The full amount of the initial stockholders’ or members’ equity of any bank must be paid in cash, exclusive of all organization expenses, except as otherwise provided in this title, before it may be authorized to commence the business of banking.
2. Organized or authorized to do banking or banking and trust business unless its deposit accounts are insured by the Federal Deposit Insurance Corporation.
Last modified: February 26, 2006