Fla. Stat. 658.21
Approval of application; findings required
(1)
Local and target market conditions indicate reasonable promise of successful operation for the proposed state bank or trust company. In determining whether an applicant meets the requirements of this subsection, the office shall consider all materially relevant factors, including:The purpose, objectives, and business philosophy of the proposed state bank or trust company.The projected financial performance of the proposed bank or trust company.The feasibility of the proposed bank or trust company, as stated in the business plan, particularly with respect to asset and liability growth and management.(a)
The purpose, objectives, and business philosophy of the proposed state bank or trust company.(b)
The projected financial performance of the proposed bank or trust company.(c)
The feasibility of the proposed bank or trust company, as stated in the business plan, particularly with respect to asset and liability growth and management.(2)
The proposed capitalization is in such amount as the office deems adequate, but in no case may the total capital accounts at opening for a bank be less than $8 million. The total capital accounts at opening for a trust company may not be less than $3 million. The organizing directors of the proposed bank shall directly own or control at least the lesser of $3 million or 25 percent of the bank’s total capital accounts proposed at opening as approved by the office. When the proposed bank will be owned by a single-bank holding company, the organizing directors of the proposed bank collectively shall directly own or control at least an amount of the single-bank holding company’s capital accounts equal to the lesser of $3 million or 25 percent of the proposed bank’s total capital accounts proposed at opening as approved by the office. When the proposed bank will be owned by an existing multibank holding company, the proposed directors shall have a substantial capital investment in the holding company, as determined by the office; however, such investment shall not be required to exceed the amount otherwise required for a single-bank holding company application. The office may disallow illegally obtained currency, monetary instruments, funds, or other financial resources from the capitalization requirements of this section. The proposed stock offering must comply with the requirements of ss. 658.23-658.25 and 658.34-658.37.(3)
The proposed capital structure is in such form as the office may require, but, at a minimum, every state bank or trust company hereafter organized shall establish paid-in capital equal in amount to not less than 50 percent of its total capital accounts and a paid-in surplus equal in amount to not less than 20 percent of its paid-in capital.(4)(a)
The proposed officers have sufficient financial institution experience, ability, standing, and reputation and the proposed directors have sufficient business experience, ability, standing, and reputation to indicate reasonable promise of successful operation, and none of the proposed officers or directors has been convicted of, or pled guilty or nolo contendere to, any violation of s. 655.50, relating to the control of money laundering and terrorist financing; chapter 896, relating to offenses related to financial institutions; or similar state or federal law.At least two of the proposed directors who are not also proposed officers must have had at least 1 year of direct experience as an executive officer, regulator, or director of a financial institution within the 5 years before the date of the application. However, if the applicant demonstrates that at least one of the proposed directors has very substantial experience as an executive officer, director, or regulator of a financial institution more than 5 years before the date of the application, the office may modify the requirement and allow the applicant to have only one director who has direct financial institution experience within the last 5 years.The proposed president or chief executive officer must have had at least 1 year of direct experience as an executive officer, director, or regulator of a financial institution within the last 5 years. The office may waive this requirement after considering:The adequacy of the overall experience and expertise of the proposed president or chief executive officer;
The likelihood of successful operation of the proposed state bank or trust company pursuant to subsection (1);
The adequacy of the proposed capitalization under subsection (2);
The proposed capital structure under subsection (3);
The experience of the other proposed officers and directors; and
Any other relevant data or information.
(4)(a)
The proposed officers have sufficient financial institution experience, ability, standing, and reputation and the proposed directors have sufficient business experience, ability, standing, and reputation to indicate reasonable promise of successful operation, and none of the proposed officers or directors has been convicted of, or pled guilty or nolo contendere to, any violation of s. 655.50, relating to the control of money laundering and terrorist financing; chapter 896, relating to offenses related to financial institutions; or similar state or federal law.(b)
At least two of the proposed directors who are not also proposed officers must have had at least 1 year of direct experience as an executive officer, regulator, or director of a financial institution within the 5 years before the date of the application. However, if the applicant demonstrates that at least one of the proposed directors has very substantial experience as an executive officer, director, or regulator of a financial institution more than 5 years before the date of the application, the office may modify the requirement and allow the applicant to have only one director who has direct financial institution experience within the last 5 years.(c)
The proposed president or chief executive officer must have had at least 1 year of direct experience as an executive officer, director, or regulator of a financial institution within the last 5 years. The office may waive this requirement after considering:The adequacy of the overall experience and expertise of the proposed president or chief executive officer;The likelihood of successful operation of the proposed state bank or trust company pursuant to subsection (1);The adequacy of the proposed capitalization under subsection (2);The proposed capital structure under subsection (3);The experience of the other proposed officers and directors; andAny other relevant data or information.(5)
The corporate name of the proposed state bank or trust company is approved by the office.(6)
Provision has been made for suitable quarters at the location in the application.
Source:
Section 658.21 — Approval of application; findings required, https://www.flsenate.gov/Laws/Statutes/2024/0658.21 (accessed Aug. 7, 2025).