(a) The name of an institution:
(i) may be in any language but shall be expressed in English letters or characters;
(ii) in the case of a bank, bank and trust company or savings bank, shall contain in English the word “bank” or “banking” and may contain the word “trust” if the bank, bank and trust company or savings bank acts in a fiduciary or other representative capacity as authorized in Chapter 4 of this act;
(iii) Deleted by 2011, Dec. 22, P.L. 612, No. 133, § 1, imd. effective;
(iv) in the case of a trust company, shall contain in English the words “trust company” or “company for trusts” and shall not contain any of the words “bank”, “banking” or “savings”;
(v) Deleted by 2011, Dec. 22, P.L. 612, No. 133, § 1, imd. effective;
(vi) in the case of a private bank, shall contain in English the words “private bank” or “unincorporated bank” and shall not contain either of the words “trust” or “savings”;
(vii) Repealed by 1980, May 21, P.L. 173, No. 51, § 8, imd. effective;
(viii) shall not contain any word which may deceptively lead to the conclusion that the institution is authorized to perform any act or conduct any business which it is not authorized to perform or conduct or which is forbidden to it by law, its articles or otherwise;
(ix) shall not contain any of the words “Government”, “Official”, “Federal”, “National” or “United States”; and
(x) shall not be a name which would be unavailable for use by a business corporation under section 202(B) of the Business Corporation Law (dealing with names the same as, or deceptively similar to, certain other names).
(b) An institution may, without regard to the provisions of subsection (a) of this section, use:
(i) its name legally in use on the effective date of this act, or
(ii) a name legally in use on the effective date of this act by another institution which is adopted by:
(A) an institution which is the resulting institution in a plan of merger or consolidation to which the institution using the name is a party, or
(B) an institution which is incorporated under this act in pursuance of a plan of segregating the banking business and the trust business of the institution using the name.
(c) An institution may adopt fictitious names permitted by 54 Pa.C.S. Ch. 3 (relating to fictitious names), provided that such fictitious names do not violate subsection (a)(viii) or (ix).
Credits
1965, Nov. 30, P.L. 847, No. 356, § 802. Amended 1984, July 6, P.L. 606, No. 125, § 5, imd. effective; 1984, July 6, P.L. 621, No. 128, § 8, imd. effective; 2011, Dec. 22, P.L. 612, No. 133, § 1, imd. effective.
7 P.S. § 802, PA ST 7 P.S. § 802
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
