N.Y. Comp. Codes R. & Regs. tit. 3 § 1.2

Current through Register Vol. 46, No. 43, October 23, 2024

Section 1.2 - Requirements

To enhance the likelihood of success of a proposed new bank or trust company, the Banking Board requires:

(a) the employment of top management personnel having substantial and satisfactory experience in general commercial bank operations, if the proposed institution will offer significant banking services;

(b) if a trust company is to be chartered, the employment of top management personnel having substantial and satisfactory experience in fiduciary operations;

(c) insurance of deposits by the Federal Deposit Insurance Corporation; and

(d) capital funds of not less than $1.2 million.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 1.2