Savings banks are organized as financial corporations, and the approval process is similar to a commercial bank. Savings accounts are required to be insured by the FDIC. Currently, there are no state-chartered savings banks. (Minnesota Statute §50)
Any three or more individuals who reside in Minnesota may apply to form a mutual association or capital stock association to promote thrift and home financing. Savings accounts are required to be insured by the FDIC. (Minnesota Statute §51A)
For bank and trust company applications and forms, please contact Jessica Trouten at 651-539-1714 or jessica.trouten@state.mn.us.
