California State Bank Charter – The Charter of Choice
Prospective bank applicants are encouraged to follow the links on this page to learn how to file an application to organize a state bank and to discover why a California state bank charter is the charter of choice.
- Financial Code (Organization of Banks):
- Form 10 – Application for Authority to Organize Bank (PDF)
- FDIC 3064-0006 – Interagency Biographical and Financial Report Form (PDF)
- FDIC 3064-0006 – Interagency Biographical and Financial Report Form Instructions (PDF)
The process to apply for a Public Bank license is similar to the requirements of forming a Commercial Bank. The local agency must satisfy the same statutory factors listed in California Financial Code section 1023.
Prior to submitting an application, the local agency must complete a feasibility study, receive approval to proceed from the governing body of the local agency, and receive voter approval (except for a charter city). The feasibility study and proof of the governing body and voter approval must be submitted with the application to the DFPI.
The Public Bank law restricts competition with commercial banks and allows specific types of lending. The local agency should consider these market limitations while preparing their feasibility study and financial projections.
Public Bank Regulations – to be promulgated.
- Advantages of a State Charter
- Conversion Application Packet
- Banking Statistics
- Guide for Groups Interested in Chartering a State Bank in California
- New Bank Application
- Pending Applications (Monthly Summary)
- The Dual Chartering System and the Benefits of the State Charter
- Handbook for De Novo Organizers Applying for Deposit Insurance (FDIC)
- Deposit Insurance Procedures Manual
Key Consumer Links
Approved by Aaron Prosperi 12/2019