(A) Five or more natural persons, at least one of whom is a resident of this state, may, with the approval of the superintendent of financial institutions, incorporate a bank.
(B) The persons proposing to incorporate a bank shall apply for approval of the proposed bank by submitting the application prescribed by the superintendent, which application shall include all of the following:
(1) The proposed articles of incorporation;
(3) The location and a description of the proposed initial banking office;
(C) Notwithstanding division (A) of this section, a corporation may act as the sole incorporator of a bank if either of the following applies:
(1) The corporation is registered with the board of governors of the federal reserve system as a bank holding company;
(2) The superintendent determines the corporation is intending to form either of the following:
(a) A bank that functions solely in a trust or fiduciary capacity and that meets all of the requirements set forth in section 2(c)(2)(D) of the "Bank Holding Company Act of 1956," 70 Stat. 133, 12 U.S.C. 1841(c)(2)(D), as amended;
(b) A bank that engages only in credit card operations, does not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others, does not accept any savings or time deposit of less than one hundred thousand dollars, maintains only one office that accepts deposits, and does not engage in the business of making commercial loans.
Effective Date: 01-01-1997 .