State bank

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State bank

A bank authorized in a specific state by a state-based charter, with generally the same functions as a national bank.

State Bank

In the United States, a bank that has received its charter from a state government rather than the federal government. A state bank has the option of whether or not to become a member bank in the Federal Reserve System. If it elects to become a member, there is no real difference between a state bank and a federal bank, except that the state bank generally does business only within a state. If it does not become a member, it is regulated only by the state in which it is based. See also: Nonmember Bank.
References in periodicals archive ?
In 1921, The Milton Banking Company was incorporated in the State of Ohio for the purpose of providing financial services as a state chartered bank, and the actual business of banking was started in Wellston, Ohio in 1922.
Shawn's experience provides a broader range of resources for Ulmer & Berne to better serve not only our national and state chartered bank and financial institution clients, but also our corporate clients who are venturing into the financial service industry," said Brian O'Neill, chair of Ulmer & Berne's Business/Tax Department.
Founded in 1985 and headquartered in Waltham, Chart Bank is a state chartered bank with assets of $258.
a California corporation (the "Company" or "UPFC") (Nasdaq:UPFC), announced today that its wholly owned subsidiary, Pan American Bank, FSB, a federally chartered savings bank (the "Bank"), has signed a definitive agreement to sell certain certificates of deposit booked by the Bank through the Internet to Silvergate Bank, a California state chartered bank located in La Jolla, Calif.
to consolidate its New York State chartered bank, HSBC Bank USA, with its national trust company, HSBC Bank & Trust Company (Delaware), N.
The Board seeks to retain existing state chartered banks while encouraging federally chartered banks to become state charters.

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