Required State License(s):

Formation of a new bank requires either a state charter or a national charter. Information on forming a state bank is available by calling the Office of Financial and Insurance Services, Department of Labor & Economic Growth at (517) 373-6950.

State-chartered banks are regulated pursuant to the Banking Code of 1969, as amended, MCL 487.301 et seq, MSA 23.710 et seq.

Revised:  4/2005