Savings Banks/Associations

Savings Banks

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)

State-Chartered Savings Associations

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)

Questions regarding applications can be directed to bank.applications.comm@state.mn.us.