Fla. Admin. Code Ann. R. 69U-105.001 - Definitions

Current through Reg. 47, No. 249; December 28, 2021

For the purposes of this rule chapter, the following definitions shall apply:

(1) "Applicant" means the proposed state financial institution, acting by order of the proposed Board of Directors through its correspondent; or, if opened, the state financial institution on behalf of which the application or notice is being filed.

(2) "Correspondent" means the person designated by the proposed Board of Directors to act on their behalf in all matters required to process the application, as more fully specified in the certificate contained in the application.

(3) "Department" means the Office of Financial Regulation.

(4) "Establish" means open for business.

(5) "Federal financial institution" means a federally or nationally chartered or organized bank, savings bank, trust company or association.

(6) "Financial entity" means an association, bank, credit union, savings bank, Edge Act or agreement corporation, or trust company organized under the laws of this state or organized under the laws of the United States and having its principal place of business in this state.

(7) "Major shareholder" means any person subscribing to 10 percent or more of the voting stock or nonvoting stock which is convertible into voting stock of the proposed state financial institution.

(8) "Metropolitan area" means any county designated by the United States Office of Management and Budget as being within a metropolitan statistical area (MSA). An MSA is a geographic area with a large population nucleus together with adjacent communities which have a high degree of economic and social integration with that nucleus.

(9) "Primary Service Area" means the smallest geographical area from which the proposed state bank, savings bank or association expects to draw approximately seventy-five percent of its deposits. Said term also means the smallest geographical area from which a state trust company expects to draw approximately 75 percent of the asset value of its fiduciary accounts. It should be drawn around a natural customer base and should not be unrealistically delineated to exclude competing financial institutions or to include areas of concentrated population.

(10) "State financial institution" means a state-chartered bank, savings bank, trust company or association organized under the laws of this state.

(11) "Temporary quarters" means the physical structure in which the state financial institution will be housed pending completion of the permanent structure.

Notes

Fla. Admin. Code Ann. R. 69U-105.001

Specific Authority 655.012(3) FS. Law Implemented 655.013, 655.015, 658.19 FS.

New 4-15-98, Formerly 3C-105.001.