The Division of Financial Institutions has regulatory authority over state-chartered banks, savings and loan associations, and savings banks.
BANKS
The Division of Financial Institutions regulates state-chartered banks in Ohio pursuant to Chapters 1101. to 1133.
of the Ohio Revised Code.
Five or more natural persons (or a corporation under limited circumstances) wishing to incorporate and obtain a charter
for a bank in Ohio must submit an application, a detailed business plan, fingerprint cards, and an application fee.
The Division must find that the proposed bank will serve the convenience and needs of the public, that the area will
adequately support the proposed bank, that the competence, experience, and integrity of the proposed officers and
directors are sufficient, and that capital is adequate. Banks are required to be insured by the Federal Deposit
Insurance Corporation (FDIC).
Banks pay an annual assessment fee. New branch locations, change of control, and many other business activities must
be pre-approved by the Division and the appropriate federal regulatory agency.
State-chartered banks must comply with a variety of state and federal statutes and regulations governing their operations
and operations of subsidiaries. These range from specific limitations on affiliate transactions and loans to one borrower
to ongoing capital requirements and director/officer responsibilities.
Both state and federal regulatory agencies conduct periodic safety and soundness examinations, reviewing policies, controls,
and activities of state-chartered commercial banks. Bank examination information is privileged and confidential and may
not be disclosed unless the Division takes administrative action or the matter involves a criminal investigation.
Additionally, no person may conduct business in this state using the word "bank," "banker," or "banking" in its name without
the permission of the Division or conduct business in this state as a bank without being properly chartered.
The Division of Financial Institutions regulates state-chartered savings and loan associations in Ohio pursuant to Chapters 1151.
to 1157. of the Ohio Revised Code.
A person wishing to incorporate and obtain a charter for a savings and loan association in Ohio must submit an application,
including a detailed business plan, fingerprint cards, and appropriate corporate documents. The savings and loan association
must have minimum capital (from two to ten million dollars) as determined by the Division. The Division must review the
qualifications, experience and proposed compensation of proposed officers and directors. Savings and loan associations
are required to be insured by the Federal Deposit Insurance Corporation (FDIC). It may be either a stock or mutual
corporation.
Savings and loan associations pay an annual assessment fee. New branch locations, change of control, and many other
business activities must be pre-approved by the Division and the appropriate federal regulatory agency.
State-chartered savings and loan associations must comply with a variety of state and federal statutes and regulations
governing their operations and operations of subsidiaries. These range from specific limitations on affiliate transactions
and loans to one borrower to ongoing capital requirements and director/officer responsibilities.
Both state and federal regulatory agencies conduct periodic safety and soundness examinations, reviewing policies, controls,
and activities of state-chartered savings and loans. Examination information is privileged and confidential and may not
be disclosed unless the Division takes administrative action or the matter involves a criminal investigation.
Additionally, no person may conduct business in this state using words which indicate it is or conduct business in this
state as a savings and loan association without being properly chartered.
SAVINGS BANKS
The Division of Financial Institutions regulates state-chartered savings banks in Ohio pursuant to Chapters 1161. to
1165. of the Ohio Revised Code.
A person wishing to incorporate and obtain a charter for a savings bank in Ohio must submit an application, including a
detailed business plan, fingerprint cards, and appropriate corporate documents. The savings bank must have minimum capital
(from two to ten million dollars) as determined by the Division. The Division must review the qualifications, experience
and proposed compensation of proposed officers and directors. Savings banks are required to be insured by the Federal
Deposit Insurance Corporation (FDIC).
Savings banks pay an annual assessment fee. New branch locations, change of control, and many other business activities
must be pre-approved by the Division and the appropriate federal regulatory agency.
State-chartered savings banks must comply with a variety of state and federal statutes and regulations governing their
operations and operations of subsidiaries and affiliates. These range from specific limitations on affiliate transactions
and loans to one borrower to ongoing capital requirements and director/officer responsibilities.
Both state and federal regulatory agencies conduct periodic safety and soundness examinations, reviewing policies,
controls, and activities of state-chartered savings banks. Examination information is privileged and confidential
and may not be disclosed unless the Division takes administrative action or the matter involves a criminal investigation.
Additionally, no person may conduct business in this state using words which indicate it is or conduct business in this
state as a savings bank without being properly chartered.