Title: Capital Stock Savings Bank
Alternate Title:
Description: Minnesota Department of Commerce
Subject: Banking
Financial Institutions
Creation Date: 9/11/2008 2:11:32 PM
Modification Date: 6/6/2024 12:32:18 PM
Agency Name: Commerce, Minnesota Department of
Agency URL: https://mn.gov/commerce/
Agency Description:
The Minnesota Department of Commerce is the chief regulator for the banking, energy, insurance, real estate, securities, telecommunications industries and also operates Minnesota's Unclaimed Property.
Agency Phone: 651-539-1500
Agency Fax: Agency URL: https://mn.gov/commerce/
Agency Address:
85 7th Place East, Suite 500
St. Paul
MN
55101
Unit Name: Jessica Trouten
Unit URL:
Unit Description:
Unit Phone: 651-539-1714
Unit Fax: Contact person(s): jessica.trouten@state.mn.us
Unit URL:
Audience: Hold
Application URL:
Renewal URL:
Versa URL:
Requirements:
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. (Minn. Stat. § 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. (Minn. Stat. Chapter 51A)
For bank and trust company applications and forms, please contact Jessica Trouten at 651-539-1714 or jessica.trouten@state.mn.us.
Rules: 2675
Statutes: 46
48
50
Forms:
For bank and trust company applications and forms, please contact Jessica Trouten at 651-539-1714 or jessica.trouten@state.mn.us
Fees:
$8,000
Period of Issuance:
Until revoked, liquidated, or merged.
Length of Determination:
Other Info:
Activity: Banking
Financial Institutions
License Detail URL:
Savings
Financial Institutions
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