2002 Florida Code
TITLE XXXVIII BANKS AND BANKING
Chapter 658 BANKS AND TRUST COMPANIES  
658.165   Banker's banks; formation; applicability of financial institutions codes; exceptions.

658.165  Banker's banks; formation; applicability of financial institutions codes; exceptions.--

(1)  When authorized by the department, a corporation may be formed under the laws of this state for the purpose of becoming a banker's bank. An application for authority to organize a banker's bank is subject to the provisions of ss. 658.19, 658.20, and 658.21, except that the provisions of ss. 658.20(1)(b) and (c) and 658.21(2) do not apply.

(2)  A banker's bank chartered pursuant to subsection (1) shall be subject to the provisions of the financial institutions codes and rules adopted thereunder; and, except as otherwise specifically provided herein or by rule or order of the department, a banker's bank shall be vested with or subject to the same rights, privileges, duties, restrictions, penalties, liabilities, conditions, and limitations that would apply to a state bank.

(3)  Notwithstanding any other provision of this chapter, a banker's bank may repurchase, for its own account, shares of its own capital stock; however, the outstanding capital stock may not be reduced below the minimum required by this chapter without the prior approval of the department.

(4)  A banker's bank may provide services at the request of financial institutions in organizations that have:

(a)  Received conditional regulatory approval from the department in the case of a state bank or preliminary approval from the Office of the Comptroller of the Currency in the case of a national bank.

(b)  Filed articles of incorporation pursuant to s. 658.23 in the case of a state bank, or filed acceptable articles of incorporation and an organization certificate in the case of a national bank.

(c)  Received capital funds in an amount not less than the minimum capitalization required in any notice of or order granting conditional regulatory approval.

(5)  A banker's bank may provide services to the organizers of a proposed financial institution that has not received conditional regulatory approval provided that such services are limited to the financing of the expenses of organizing such financial institution and expenses relating to the acquisition or construction of the institution's proposed operating facilities and associated fixtures and equipment.

(6)  If the department finds that any provision of this chapter is inconsistent with the purpose for which a banker's bank is organized and that the welfare of the public or any financial institution would not be jeopardized thereby, it may by rule or order exempt a banker's bank from such provision or limit the application thereof.

History.--s. 2, ch. 83-48; s. 1, ch. 91-307; ss. 1, 104, ch. 92-303; s. 8, ch. 2001-243.