Current with changes from the 2024 Legislative Session
Section 6:544 - Organization of financial service center banksA. Financial service center banks shall be organized in the manner provided in Subchapter A of Chapter 3 of this Title, except that: (1) The articles of incorporation of a financial service center bank shall expressly provide that such bank shall limit its activities to only those authorized in this Part.(2) At least one of the organizers or directors of a financial service center bank must be a resident of Louisiana.(3) A financial service center bank shall include the phrase "financial service center bank" in its corporate name.(4) A financial service center bank organized under this Part shall have a minimum initial capital of five million dollars.(5) A financial service center bank may not merge with or acquire another financial institution domiciled in this state, nor may a financial service center bank convert into another type of financial institution.B. In addition to the criteria provided in R.S. 6:214, to the extent applicable, the commissioner shall consider the unemployment figures for the community in which the proposed financial service center bank is to be located when granting a charter for such an institution.