Iowa Administrative Code
Agency 187 - Banking Division
Chapter 2 - Application Procedures
Rule 187-2.1 - Organization of a State-chartered Bank

(1) Application. Persons desiring to organize a state-chartered bank should first meet with the superintendent to discuss the proposal. An "Application to Organize a State Bank" and supplementary forms may be obtained for submission to the superintendent.

(2) Investigation. The superintendent may conduct an investigation as deemed necessary.

(3) Preliminary approval. The superintendent may grant preliminary approval of an application to organize a state-chartered bank. If preliminary approval is granted, the superintendent may, if it is determined that such action is necessary or desirable for the protection of the public interest, at any time withdraw that approval.

(4) Decision. The superintendent shall approve or deny the application within 180 days after the application has been accepted for processing. The decision by the superintendent shall be conveyed in writing to the applicant.

(5) Corporate organization. The proposed state bank does not come into existence until articles of incorporation have been approved by the superintendent and filed and recorded by the secretary of state and a certificate of incorporation has been issued.

(6) Commencement of business. If the superintendent is satisfied that the proposed state bank has met all requirements and conditions and is ready to commence business, the superintendent shall issue an Authorization To Do Business which provides that the state bank is authorized to commence business as of a specified date.

This rule is intended to implement Iowa Code section 524.303.