The State Bank of Tennessee Charter Is the Best Option Available

Obtaining a state charter from Tennessee has many benefits:

  • Tennessee's state banks benefit from increased access to their primary regulator due to their proximity to the state capital. Regarding all organizations, the Department of Financial Institutions maintains an open-door policy. Any organization can have a representative speak with a member of staff or the commissioner about any issues they're having. Bank and other financial institution management are strongly encouraged to maintain open lines of communication with us, as no issue is too small to warrant attention. Its headquarters can be found in Music City, USA (Nashville). In spite of this, there are regional offices of the Department spread across the state of Tennessee in the regions of East, Middle, and West Tennessee. From their respective field offices, the Department's examiners are well-versed in the culture and economy of the communities in which they operate. The examiner and the bank will have a more pleasant and productive working environment as a result of this. The examiner and banker can also have a private meeting if necessary. Experienced employees are a source of pride for the Department. Nashville's office staff and examining staff have dealt with examination and application issues for years.

    Any banker is welcome to stop by our office at any time with inquiries or recommendations. Any suggestions for how we can improve the effectiveness and efficiency of our regulatory framework would be greatly appreciated.

  • Less Expensive Fees and Assessments: The fees levied by the Tennessee Department of Financial Institutions (e. g application fees, assessments) than what the OCC charges More specifically, per T C A To the extent permitted by Section 45-1-118(c)(1)(B), no state-chartered bank in Tennessee shall be subject to a higher annual banking assessment than a similarly situated national bank in the state. There will be no increase in fees over the OCC fee, and for our largest banks, the fees will be the same as or less than the OCC fee.
  • Interchangeable examinations are carried out in accordance with the department's cooperative examination agreements with the Federal Deposit Insurance Corporation and the Federal Reserve. There will be as little of an impact on operations as possible, and we intend to achieve that. Because both the FDIC and the states' banking regulators rely on the reciprocal nature of the alternating examination agreement, a state bank is guaranteed to have only one regulatory examination every 12 or 18 months.
  • All employees, whether they work in the department's headquarters or in the field, are dedicated to serving constituents well. As part of this dedication, we've reached out to the financial institutions we oversee to solicit their feedback on how we can refine our policies and practices. Our commitment to quality is reflected in our participation in strategic planning at all levels of the organization, and we hope that this improvement in service will be felt by the institutions we oversee.
    Cooperation with the Tennessee Bankers Association (TBA) - This office has an excellent working relationship with the TBA. We cooperate on issues of legislation, continuing education, and other matters affecting state chartered banks, and we exchange ideas and constructive criticism in an effort to make banking a more successful business in the Volunteer State.
  • Relationship with Federal Agencies - The division has cordial working relationships with the FDIC and the Federal Reserve. When our jurisdictions overlap with those of other state or federal agencies, we work together effectively, sharing information and resources as needed. Since the state banking supervisor is the bank's chartering agent, the FDIC often consults with them before deciding how to handle problems at state chartered institutions. This dialogue between the federal government and the states usually leads to more regulatory latitude. The State and Federal regulators work together to speed up the conversion and application process for new banks. In many cases, to lessen the applicant's regulatory burden, the Department will accept a copy of the federal application filing. Click on the Application Forms link to download the Interagency Charter and Federal Deposit Insurance Application as well as the Interagency Biographical and Financial Report.

    Because of our alternating examination program with federal regulators, well-managed and well-capitalized institutions receive less scrutiny, and more attention can be paid to those that truly need it.

  • Training of Examiners - The Department makes an effort to train its examination staff and other professionals regularly so that they can better aid banks in resolving the complex problems that today's financial institutions must face.
  • Parity laws between state and federal law - While the OCC has been progressive in allowing national banks to engage in a variety of non-traditional banking activities, some states have passed laws that make it illegal for national banks to engage in any non-traditional banking However, Tennessee has a parity statute, commonly referred to as the wildcard provision, which allows state banks to engage in any activity that a national bank may engage in, subject to safety and soundness Since this is the case, state banks can enjoy the same benefits and competitive edge as their national counterparts.
  • Collaboration with other state banking regulators through the Conference of State Bank Supervisors (CSBS) Our department is an active participant in the CSBS and has collaborated with our counterparts across the country to create a uniform regulatory framework for financial institutions that conduct business across state lines. When it comes to multi-state, state-chartered banks, the Department is a part of the nationwide agreement that provides a single regulatory point of contact at both the state and federal levels. A state chartered bank's primary regulator and single point of contact is the regulator in the bank's home state. Constant efforts are being made by the commissioner and other top officials to guarantee that banks can compete on a national scale.
  • The Department has recently developed a training program for the directors of newly established Tennessee state chartered banks. Normal duration of training is one day, and it takes place in the Department's Nashville office. The staff is on hand to guarantee that the director's responsibilities in every area are met. The training was designed to give directors practical knowledge and insight into what is expected of them as new bank directors. In addition, the session gives the Directors a chance to talk to the Department employees face-to-face about any questions, issues, or suggestions they may have.

We think the state banking charter is the best option for Tennessee banks because of its convenient location, reasonable fees, the knowledge and experience of the department's employees, and the state's enlightened banking laws. If you have any questions or if there is any way we can be of service to you, please don't hesitate to get in touch with us.

In conclusion, state banking supervisors are not only regulators ensuring the safe and sound operation of banks under our supervision; we also promote the dual banking system and the establishment and success of all banks under our supervision. Our business model promotes the survival of existing state banks and the launch of new state banks. The department strives to foster an enabling atmosphere, which it does by actively encouraging the launch of new banks and the transformation of existing financial institutions into state chartered institutions.

We appreciate your trust in the Department's personnel and look forward to working with you as you transition to a new bank or undergo a conversion.

We appreciate your work in making the Tennessee state charter the most popular in the country.

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