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Answered Question

sskram3

December 17, 2008 04:13 AM

Chartering a bank: which state has cheepest initial fund requirements?

I know CA is like $6mil, and CT is $5mil, but does anyone know which state has the lowest fund requirements for chartering?

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bstpierre

December 17, 2008 05:09 AM

If you are willing to look outside the US, look at Panama ($3M) and Czech Republic ($100k).

If you want to stay inside the US, see CT: "In recent years, Section 36a-70(r)(2) was enacted to allow the formation of a community bank with $3 million in capital." $5M for general bank.
Source(s):
http://www.britishmint.com/bank_own_czech.html
http://www.offshore-protection.com/bankFormations.html
http://www.ct.gov/dob/cwp/view.asp?a=2238&q=298074

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