Arizona Revised Statutes § 6-203 Application For Banking Permit; Organizational Application; Final Application

6-203. Application for banking permit; organizational application; final application

A. Except as otherwise provided in this section, an application for a banking permit or amendment to a banking permit shall be in writing, in such form as the superintendent may prescribe, and shall be supported by such information, data and records as the superintendent may require to make the findings necessary for the issuance or amendment of the permit.

B. The superintendent shall establish an organizational application process and a final application process for new banking permit applications. The organizational application must include:

1. The historical description of the organizing group.

2. The proposed type of regulatory filing for the bank.

3. The proposed committee structure and its membership.

4. The completed biographical and financial report for each organizer.

5. The completed background permission form for each organizer.

6. The business plan summary.

7. The financial plan reflecting both the objectives of the strategic plan and the bank's capital adequacy under the current capital guidelines.

8. The projected organizational budget for the project.

9. The articles of incorporation and the bylaws of the organizing corporation.

10. The proposed offering circular, escrow account information and stock certificate.

C. The department may accept an organizational application for a new banking permit without simultaneously filing with the federal deposit insurance corporation.

D. The final application for a new banking permit may begin at any time during the organizational phase. The required capital must be raised during the final application process.

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Last modified: October 13, 2016