§ 13-2-212 — Approval or disapproval of application; criteria for approval; action upon application; interim bank charter; fee

Wyoming § 13-2-212

• Jurisdiction: Wyoming
• Title 13: Banks, Banking and Finance
• Ch. 2: ORGANIZATION OF BANKS
• Art. 2: CHARTERING

Text

(a) Within ninety (90) days after receipt of the
transcript of the public hearing, the board shall in its
discretion approve, conditionally approve or disapprove the
application, but it shall not approve the application until it
has ascertained to its satisfaction:
(i) The public need and convenience will be promoted
by the establishment of the proposed financial institution;
(ii) Conditions in the community in which the
proposed financial institution would transact business afford
reasonable promise of successful operation;
(iii) The financial institution is being formed for
no other purpose than the legitimate objects contemplated by the
laws of the state;
(iv) The proposed capital and surplus are not less
than the required minimum and are adequate in light of current
and prospective conditions;
(v) The proposed officers and directors have
sufficient experience, ability and standing to afford reasonable
promise of successful operation;
(vi) The name of the proposed financial institution
does not resemble so closely as to cause confusion the name of
any other financial institution transacting business in the
state; and
(vii) The applicants have complied with all
applicable provisions of law.
(b) The board shall take action upon the application by
stating its findings of fact and conclusions of law. If the
board approves the application, the state banking commissioner
shall endorse upon the articles of incorporation the approval
and shall file one (1) copy with the secretary of state, retain
one (1) copy in his files and return one (1) copy to the
applicants within twenty (20) days after the date of the
decision of the board approving the application. If the board
conditionally approves an application by requiring increased
capital or surplus, retention of additional qualified officers
or directors, or change of name to avoid confusion, and upon
compliance by the applicant, the state banking commissioner
shall proceed as provided in the preceding sentence. If the
board disapproves the application, the state banking
commissioner shall mail notice of the disapproval to the
applicants within twenty (20) days after the board's negative
action.
(c) The board may waive the public hearing required under
W.S. 13-2-207 if the application is for an interim bank charter
to be used as a vehicle for merger with an existing bank which
is currently serving the public need and convenience of the
community, operating profitably, adequately capitalized, has
officers and directors of proven ability and is to be chartered
solely for the purpose of facilitating the merger and the change
in ownership of the existing bank in accordance with W.S.