1.Upon receipt of an application for approval of a state bank, the superintendent shall
conduct an investigation as the superintendent deems necessary to ascertain whether:
a.The articles of incorporation and supporting items satisfy the requirements of this
chapter.
b.The convenience and needs of the public will be served by the proposed state bank,
including by accepting deposits from, lending money in, and processing payments in the area
the proposed state bank will primarily serve.
c.The population density or other economic characteristics of the area primarily to be
served by the proposed state bank afford reasonable promise of adequate support for the
state bank.
d.The character and fitness of the incorporators or organizers and of the members of
the initial board of directors a
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1. Upon receipt of an application for approval of a state bank, the superintendent shall
conduct an investigation as the superintendent deems necessary to ascertain whether:
a. The articles of incorporation and supporting items satisfy the requirements of this
chapter.
b. The convenience and needs of the public will be served by the proposed state bank,
including by accepting deposits from, lending money in, and processing payments in the area
the proposed state bank will primarily serve.
c. The population density or other economic characteristics of the area primarily to be
served by the proposed state bank afford reasonable promise of adequate support for the
state bank.
d. The character and fitness of the incorporators or organizers and of the members of
the initial board of directors are such as to command the confidence of the community and to
warrant the belief that the business of the proposed state bank will be honestly and efficiently
conducted.
e. The capital structure of the proposed state bank is adequate in relation to the amount
of the anticipated business of the state bank and the safety of prospective depositors.
f. The proposed state bank will have sufficient personnel with adequate knowledge and
experience to conduct the business of the state bank, and to administer fiduciary accounts, if
the state bank is to be authorized to act in a fiduciary capacity.
2. Within one hundred eighty days after the application is accepted for processing, the
superintendent shall approve or disapprove the application on the basis of the investigation.
3. Within thirty days after the date of the publication of the notice required under
section 524.304, any interested person may submit written comments and information
to the superintendent concerning the application. Comments challenging the legality of
an application must be submitted separately in writing. The superintendent may extend
the thirty-day comment period, if, in the judgment of the superintendent, extenuating
circumstances which justify the extension exist.
4. Within thirty days after the date of the publication of the notice required by section
524.304, any interested person may submit a written request of the superintendent for
a hearing on the application. The request shall state the nature of the issues or facts to
be presented and the reasons why written submissions would be insufficient to make an
adequate presentation to the superintendent. If the reasons are related to factual disputes,
the disputes shall be described. A written request for a hearing shall be evaluated by
the superintendent, who may grant or deny the request in whole or in part. A hearing
request shall generally be granted only if it is determined that written submissions would be
inadequate or that a hearing would otherwise be beneficial to the decision-making process.
A hearing may be limited to issues considered material by the superintendent.
5. If a request for a hearing is denied, the superintendent shall notify the applicant and
all interested persons and shall state the reasons for the denial. An interested person may
submit additional written comments or information on the application to the superintendent,
with copies to the applicant at the time of submission to the superintendent, within fourteen
days after the date of the notice of denial. The applicant shall be provided an additional seven
days, after the fourteen-day deadline has expired, within which to respond to any comments
submitted within the fourteen-day period after the notice of denial. The superintendent may
waive this seven-day period if requested by the applicant. A copy of any response submitted
by the applicant shall also be mailed by the applicant to the interested persons at the time the
response is submitted to the superintendent.
6. If the superintendent approves the application, the superintendent shall notify
the incorporators or organizers, and such other persons who requested in writing that
they be notified, of the approval. If the superintendent disapproves the application, the
superintendent shall notify the incorporators or organizers of the action and the reason for
the decision.
7. The actions of the superintendent shall be subject to judicial review in accordance with
chapter 17A. The court may award damages to the incorporators or organizers if it finds that
review is sought frivolously or in bad faith.
8. Subsections 3, 4, and 5 shall not apply if the superintendent finds that one of the
purposes of the proposed state bank is the merger with, or the purchase of some or all of the
assets of and assumption of some or all of the liabilities of, a bank for which a receiver has
been appointed or which has been ordered, by authorities of this state or the United States,
to cease to carry on its business, or if the superintendent finds for any other reason that
immediate action on the pending application is advisable in order to protect the interests of
depositors or the assets of any other bank.
9. As a condition of receiving the decision of the superintendent with respect to the
application, the incorporators or organizers shall reimburse the superintendent for all
expenses incurred by the superintendent in connection with the application.