Form TCOAPP-100 "Application for Proposed State Trust Company" - Arkansas

What Is Form TCOAPP-100?

This is a legal form that was released by the Arkansas State Bank Department - a government authority operating within Arkansas. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on July 1, 1997;
  • The latest edition provided by the Arkansas State Bank Department;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a printable version of Form TCOAPP-100 by clicking the link below or browse more documents and templates provided by the Arkansas State Bank Department.

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Download Form TCOAPP-100 "Application for Proposed State Trust Company" - Arkansas

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APPLICATION FOR PROPOSED
STATE TRUST COMPANY
We, the undersigned prospective incorporators, being natural persons and of lawful age, intend to
organize and charter an Arkansas state trust company for the purpose of acting as a fiduciary or
engaging in any trust business within or without this state.
Name of Proposed Trust Company
Street Address
City
County
State
Zip Code
Name, title, address, and telephone number of person(s) to whom inquiries concerning this
application may be directed:
Signature of Authorized Officer
Date of Application
Typed Name
Title
Telephone Number
Contact’s Address
City
County
State
Zip Code
Consistency of Corporate Powers: It is contemplated that the proposed trust company will have
only such corporate powers as are granted to a state trust company under the provisions of state law.
Notice Published by Applicant: Notice of intent to file an application must appear in a newspaper
published in the city of Little Rock having a general statewide circulation at least one time prior to
the filing of the application with the Bank Commissioner. Formal proof of publication and the
application fee of $8,000 must accompany the application to the Bank Commissioner.
See Attachment - Legal Notice
Notice of Application: Applicant must give written notice of filing through the United States mail
to all trust institutions maintaining a principal office or a trust office in the county wherein the
principal office of the proposed state trust company is to be located.
The notices described above must be given by registered or certified mail, return receipt requested.
This notice is to be given on or before the date the application is filed with the Commissioner.
Additionally, forward to the Arkansas State Bank Department copies of the return receipts
evidencing notification to the required institutions.
Formal protests to the application must be received by the Commissioner in writing within thirty
(30) calendar days of the date of the notice of the filing of the application.
FORM TCOAPP-100 7/97
PAGE 1 OF 12
APPLICATION FOR PROPOSED
STATE TRUST COMPANY
We, the undersigned prospective incorporators, being natural persons and of lawful age, intend to
organize and charter an Arkansas state trust company for the purpose of acting as a fiduciary or
engaging in any trust business within or without this state.
Name of Proposed Trust Company
Street Address
City
County
State
Zip Code
Name, title, address, and telephone number of person(s) to whom inquiries concerning this
application may be directed:
Signature of Authorized Officer
Date of Application
Typed Name
Title
Telephone Number
Contact’s Address
City
County
State
Zip Code
Consistency of Corporate Powers: It is contemplated that the proposed trust company will have
only such corporate powers as are granted to a state trust company under the provisions of state law.
Notice Published by Applicant: Notice of intent to file an application must appear in a newspaper
published in the city of Little Rock having a general statewide circulation at least one time prior to
the filing of the application with the Bank Commissioner. Formal proof of publication and the
application fee of $8,000 must accompany the application to the Bank Commissioner.
See Attachment - Legal Notice
Notice of Application: Applicant must give written notice of filing through the United States mail
to all trust institutions maintaining a principal office or a trust office in the county wherein the
principal office of the proposed state trust company is to be located.
The notices described above must be given by registered or certified mail, return receipt requested.
This notice is to be given on or before the date the application is filed with the Commissioner.
Additionally, forward to the Arkansas State Bank Department copies of the return receipts
evidencing notification to the required institutions.
Formal protests to the application must be received by the Commissioner in writing within thirty
(30) calendar days of the date of the notice of the filing of the application.
FORM TCOAPP-100 7/97
PAGE 1 OF 12
See Attachment - Example of Notification Letter
FORM TCOAPP-100 7/97
PAGE 2 OF 12
Organizational Expenses: Prior to applying for a charter, the incorporators shall establish an
organizational expense fund in an amount the Commissioner deems adequate. Such fund shall be
used for expenses incurred by the incorporators in connection with the organization of the proposed
state bank.
Deposit Insurance:
Subject to obtaining any required insurance from the Federal Deposit
Insurance Corporation, a state trust company may receive and pay deposits with or without interest
made by agencies of the United States Government or of a state, county, or municipality.
THE FAILURE OF AN APPLICANT TO FURNISH REQUIRED INFORMATION, DATA,
OPINIONS OF COUNSEL, OTHER MATERIAL, OR THE REQUIRED FEE IS
CONSIDERED AN ABANDONMENT OF THE APPLICATION.
FORM TCOAPP-100 7/97
PAGE 3 OF 12
CONFIDENTIALITY
Pursuant to the provisions of the Freedom of Information Act, the application is a public document
and available to the public upon request.
If Applicant is of the opinion that disclosure of commercial or financial information would likely
result in substantial harm to its competitive position or that of its subsidiaries, or that disclosure of
information of a personal nature would result in a clearly unwarranted invasion of personal privacy,
confidential treatment of such information may be requested. The request for confidential treatment
must be submitted in writing concurrently with the submission of the application, and must discuss
in detail the justification for confidential treatment. Such justification must be provided for each
response for which confidential treatment in the public portion of the application is requested.
Applicant's reasons for requesting confidentiality should demonstrate specifically the harm that
would result from public release of the information. A statement simply indicating that the
information would result in competitive harm or that it is personal in nature is not sufficient. It
must be demonstrated that disclosure would meet either the "substantial competitive harm" or
"unwarranted invasion of personal privacy" test.
Information for which confidential treatment is requested should be: (1) Specifically identified in
the public portion of the application (by reference to the confidential section); (2) bound separately
from the public portion of the application; and (3) labeled "Confidential". The same procedure
should be followed with regard to filing any supplemental information to the application.
The Department will determine if information submitted as confidential will be so regarded, and
will advise Applicant of any decision to make available to the public information labeled
"Confidential". However, it shall be understood that, without prior notice to Applicant, the
Department may disclose or comment on any of the contents of the application in the Order or
Statement issued by the Department in connection with a decision on the application.
FORM TCOAPP-100 7/97
PAGE 4 OF 12
1) PROPOSED ARTICLES OF ASSOCIATION: Provide duplicate originals and three copies
of the proposed Articles of Association and bylaws of the proposed institution, bearing the
signatures of all of the incorporators (See attached sample Articles of Association).
2) BUSINESS PLAN: A new trust company’s business (strategic) plan must accompany the
application. The "plan" shall set forth the goals and address how each is to be achieved. The "plan"
must project beyond the current fiscal year and should include goals and objectives for the first five
years of operation.
3) FEASIBILITY STUDY: A feasibility study must accompany the application which shall
include financial objectives, a market perspective and analysis of the site location. The study shall
include, at a minimum, economic and trend data regarding the community, customer base, products
and services to be offered, a review of competition, and a description of the proposed facilities
including associated costs.
4) EXPENSE AFFIDAVIT: A majority of incorporators shall file with the Department, at the time
of filing the Articles, an affidavit setting forth all expenses incurred or to be incurred in connection
with the organization of the state trust company, subscription for its shares, and sale of its shares.
5) ADEQUACY OF CAPITAL STRUCTURE: Minimum capital requirements are set forth in
Act 940 of 1997 for a state-chartered trust company at one million dollars plus any additional
capital requirement which will be set at the discretion of the Commissioner. Notwithstanding
statutory requirements, the Bank Commissioner will exercise his judgement as to the adequacy of
the proposed capital structure. The Bank Commissioner will not accept for filing a charter
application unless previously provided evidence that the purchase price of all subscribed shares has
been paid into some depository bank under written instructions approved by the Bank
Commissioner (See attached Depository Agreement).
A statement of the paid-in capital structure is as follows:
Number
Par value
of shares
per share
Amount
Preferred capital
(
)
($
)
$
Common capital
(
)
($
)
Surplus
Undivided Profits
Other segregations of the capital account
Total capital structure
$
It shall be the policy of the proposed trust company to maintain at all times an adequate capital
structure.
6) LIST OF STOCK SUBSCRIBERS: Attach to this application a sample stock subscription
offer (See attached Stock Subscription Offer) and a complete alphabetized list of each stock
subscriber, including name, address, number of shares subscribed, and amount paid for each.
FORM TCOAPP-100 7/97
PAGE 5 OF 12