(a)(1) Before the Commissioner issues a certificate to do business, the required capital stock and the required surplus shall be paid in full.
(2) A commercial bank shall have required capital stock that equals at least:
(i) $750,000, if it is in a municipal area with not more than 50,000 inhabitants; and
(ii) $1.5 million, if it is in a municipal area with more than 50,000 inhabitants.
(3) A commercial bank shall have a surplus in an amount that equals at least 20 percent of its required capital stock.
Branches of commercial bank
(b)(1) Before a commercial bank establishes a branch, the commercial bank shall have capital stock and surplus as provided in this subsection.
(2) For a branch that is to be located inside the municipal area of the principal banking office of the commercial bank, the commercial bank shall have capital stock and surplus that equal at least the sum of the amounts required by subsection (a) of this section.
(3) For a branch that is to be located outside the municipal area of the principal banking office of the commercial bank, the commercial bank shall have capital stock and surplus that equal at least the sum of:
(i) The amount required by subsection (a) of this section; and
(ii) 1. $120,000, if it is in a municipal area with not more than 25,000 inhabitants;
2. $180,000, if it is in a municipal area with more than 25,000 and not more than 100,000 inhabitants;
3. $240,000, if it is in a municipal area with more than 100,000 and not more than 250,000 inhabitants; and
4. $900,000, if it is in a municipal area with more than 250,000 inhabitants.
Unimpaired capital and surplus includes debt instruments
(c) Unless otherwise provided by law, the unimpaired capital and surplus of a commercial bank include its debt instruments issued under § 3-312 of this title.
Credits
Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1980, c. 807, § 1; Acts 1981, c. 2, § 3; Acts 1981, c. 617; Acts 1982, c. 109; Acts 1984, c. 710; Acts 1996, c. 326, § 2, eff. July 1, 1996; Acts 2008, c. 89, § 1, eff. Oct. 1, 2008.
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
