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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
No state-chartered bank in the country converted to a national charter in 2015.
Written broadly and interpreted broadly by the courts, the exemption says government officials don't have to release information "contained in or related to examination, operating, or condition reports prepared by, on behalf of, or for the use of an agency responsible for the regulation or supervision of financial institutions." This includes records kept by the Office of Thrift Supervision (OTS), which has replaced the Federal Home Loan Bank Board in regulating thrifts; the Comptroller of the Currency, which regulates nationally-chartered banks; the Federal Reserve, which regulates key state-chartered banks; and the Federal Deposit Insurance Corporation (FDIC), which regulates the state-chartered banks that don't belong to the Reserve.
The division examines the state-chartered banks throughout South Dakota.
In 2007, the only state-chartered banks to open new offices in Benton or Washington county were Bank of the Ozarks of Little Rock and First State Bank of Lonoke.
Bill Clinton appointed him to replace Marlin Jackson as commissioner of state-chartered banks in Arkansas.
It also was requested to declare that Independence Bank, if acquired by the applicant, would not engage in nonbanking activities prohibited to bank holding companies and national banks by federal law but permitted to state-chartered banks by California law, such as real estate investment and development.
There are currently 130 state-chartered banks, but that number is expected to be reduced by one later this year.
The activities of national banks are determined by the Comptroller of the Currency under the provisions of the National Bank Act, and the activities of state-chartered banks are determined by the state banking laws under the supervision of the state banking commissioner.
FULLY 10 PERCENT OF the 142 state-chartered banks in Arkansas have problems sufficient to warrant special regulatory attention, according to the State Bank Department's chief bank examiner, Julian Rainey.
Back in September, the State Bank Department had classified 12 state-chartered banks as problematic and requiring a higher degree of regulatory monitoring.
THE LOSS OF DOZENS OF state-chartered banks has finally caught up with the Arkansas State Bank Department.

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