(1) The application for a proposed new depository bank to be located in Montana must submit the following forms, which are adopted and incorporated by reference, to the department:
- (a) the Interagency Charter and Federal Deposit Insurance Application, October 24, 2022, version, as the form that must be completed when applying for a certificate of authorization; and
- (b) the Interagency Biographical and Financial Report, August 26, 2024, version, for use by individuals in conjunction with the Interagency Charter and Federal Deposit Insurance Application. The application and biographical and financial report are available on the department’s website located at banking.mt.gov.
- (2) A nonrefundable application fee of $10,000 must be paid to the department at the time of application.
- (3) For purposes of this rule, a bank must be organized initially as a corporation under Title 35, chapter 14, MCA.
- (4) Each incorporator must subscribe and pay in full, in cash, for common stock in a combined minimum amount determined by the department. The incorporators must identify for the department any incorporator or subscriber that will hold more than 10% of capital stock.
- (5) Organizational expenses of any kind, including broker commissions to secure subscriptions, must not be paid from paid-in capital or surplus funds of the bank (or to the resulting deficit of the bank) without the prior approval of the department. Prior to filing an application for a certificate of authorization, incorporators must subscribe for shares or units in an amount the department deems adequate to pay all organizational expenses. Funds of incorporators must not be comingled with funds in any account into which non-incorporators deposit funds.
- (6) The department may require publication of notice of the application in the closest major newspaper of general circulation and an affidavit of publication following completion.
- (7) In determining whether an application is complete, the department may require a listing of subscribers showing that at least 80% of the stock has been subscribed.
Authorizing statute(s): 32-1-218, 32-1-240, MCA
Implementing statute(s): 32-1-240, MCA
History: Eff. 5/5/74; AMD, Eff. 4/4/77; AMD, 1987 MAR p. 1970, Eff. 10/30/87; AMD, 1994 MAR p. 1146, Eff. 4/29/94; TRANS, from Commerce, 2001 MAR p. 1181; AMD, 2010 MAR p. 215, Eff. 1/29/10; AMD, 2013 MAR p. 668, Eff. 4/26/13; AMD, 2017 MAR p. 486, Eff. 4/29/17; TRANS and AMD, from 2.60.203, 2025 MAR, Notice No. 2025-900, Eff. 9/13/25.