{"data":{"id":"us-ky/krs-286.3-020","jurisdiction":"us-ky","citation":"KRS 286.3-020","heading":"Approval of application for charter -- Prerequisites to financial","body":"institution doing business under its charter -- Waiver in cases of merger or\nconsolidation.\n(1) (a) The commissioner shall approve an application for a bank, trust company, o r\ncombined bank and trust company charter upon a finding that the public\nconvenience and advantage will be served by opening the proposed\ninstitution.\n(b) To determine whether public convenience and advantage will be served, the\ncommissioner shall consider whether:\n1. Conditions in the community indicate reasonable assurance of\nsuccessful operation for the proposed institution;\n2. The proposed institution's organizational and capital structure and\namount of capitalization is adequate for the business plan; and\n3. The officers and directors of the proposed institution have sufficient\nexperience, ability, standing, and reputation to provide reasonable\nassurance of successful operation and of compliance with the law.\n(2) Before any bank, trust company, or combi ned bank and trust company commences\nbusiness, except business which is incidental or preliminarily necessary to its\norganization or as otherwise provided in subsection (3) of this section, it shall:\n(a) Obtain from the commissioner a charter authorizing i t to commence doing\nbusiness;\n(b) Ensure that the oaths of all directors have been taken in accordance with KRS\n286.3-060; and\n(c) Provide satisfactory proof to the commissioner that:\n1. The accounts of the institution's depositors will be insured by the\nFederal Deposit Insurance Corporation;\n2. The institution has subscribed and paid in the required capital; and\n3. The institution has otherwise fully complied with all pertinent laws and\nadministrative regulations.\n(3) In the event that an institution for which a charter under this subtitle is sought is to\nbe created solely for the purpose of effectuating a merger or consolidation to\nfacilitate the formation of a bank holding company, the c ommissioner may waive\nall or any part of the requirements of this subtitle.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=55142","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:10Z","sha256":"27b6001bf2835d02b50eaf43f3605267ed986b9885ec1e6de2c60c3d7719d9eb","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.3-010","next":"us-ky/krs-286.3-025"},"notice":"GroundRules: Original legal text. Not legal advice."}