SAVINGS
AND LOANS ASSOCIATIONS/
SAVINGS
BANKS
Savings
and Loan Associations
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.
CHARTERING
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.
COMPLIANCE
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.
CHARTERING
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.
COMPLIANCE
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.
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