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Issued and entered June 18, 2003 by Linda A. Watters, Commissioner of Financial and Insurance Services
This bulletin supersedes Bulletin No. 2002-04-BT, dated June 28, 2002.
Section 2203 of the Michigan Banking Code of 1999, MCL 487.12203, and Section 210 of the Michigan Savings Bank Act MCL 487.3210, require the Commissioner periodically to establish a schedule of supervisory fees and require each bank and savings bank to pay an annual supervisory fee. The following supervisory fee schedule has been established by the Commissioner and is effective July 1, 2003.
|
Total Assets
|
Annual Assessment
|
| Over(millions) |
But less than(millions) |
|
This Amount |
Plus |
Of assets Over(millions) |
| $ 0 |
$ 20 |
|
$3,000.00 * |
|
|
| 20 |
50 |
|
$3,000.00 |
.000127784 |
20 |
| 50 |
100 |
|
6,833.52 |
.000100039 |
50 |
| 100 |
500 |
|
11,835.48 |
.000062586 |
100 |
| 500 |
1,000 |
|
36,870.03 |
.000052951 |
500 |
| 1,000 |
2,000 |
|
63,345.71 |
.000043329 |
1,000 |
| 2,000 |
6,000 |
|
106,675.15 |
.000035514 |
2,000 |
| 6,000 |
20,000 |
|
248,731.95 |
.000030218 |
6,000 |
| 20,000 |
40,000 |
|
671,788.29 |
.000026825 |
20,000 |
| 40,000 |
|
|
1,208,297.49 |
.000024056 |
40,000 |
| * Minimum fee is $3,000.00, $1,500.00 for limited-purpose trust banks. |
MCL 487.12203(1) and 487.3210(1) limit the annual supervisory fee to not more than 25 cents for each $1,000 of total assets of the bank. This limitation does not apply to the minimum supervisory fee.
Holding company subsidiary banks which are not the lead banks in their holding companies will receive a 10% discount from the schedule above.
Section 2203(6) of the Banking Code of 1999 and Section 210(6) of the Savings Bank Act require the Commissioner periodically to establish a schedule of fees beyond those charged for normal supervision. Accordingly:
- The trust examination fee set forth in the schedule established on October 1, 1999 is superseded by the following schedule.
| Total Trust Assets1 |
Annual Assessment |
| Over (millions) |
But less than (millions) |
|
This Amount |
Plus (per million) |
Of assets over (millions) |
| $0 |
$50 |
|
$3,000* |
0 |
$0 |
| 50 |
100 |
|
3,000 |
0.000024000 |
50 |
| 100 |
500 |
|
4,200 |
0.000017000 |
100 |
| 500 |
1,000 |
|
11,000 |
0.000009700 |
500 |
| 1,000 |
30,000 |
|
15,850 |
0.000001550 |
1,000 |
| 30,000 |
70,000 |
|
60,800 |
0.000000150 |
30,000 |
| 70,000 |
200,000 |
|
66,800 |
0.000000050 |
70,000 |
| * $1,000 for banks holding limited trust powers. |
- The Commissioner has established a surcharge to be assessed as a percentage of the annual supervisory fee to banks whose composite CAMELS rating is 3, 4, or 5 and as a percentage of the annual trust fee for banks whose Uniform Interagency Trust Rating is 3, 4, or 5. The following percentages will be applied.
3-rated 10%
4-rated 25%
5-rated 50%
Any questions regarding this bulletin should be directed to:
Office of Financial and Insurance Services
Bank and Trust Division
611 West Ottawa Street
P.O. Box 30220
Lansing, Michigan 48909-7720
Phone: (517) 373-6950
Toll Free: (877) 999-6442
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