ARM 2.59.2209. FDIC INSURANCE REQUIRED

(1) To comply with 32-1-242, MCA, it has been determined by the department that it is in the public interest to require all commercial banks to be accepted by the Federal Deposit Insurance Corporation for the insurance of deposits. The department will not issue a certificate of authorization to a proposed new bank unless: (a) the department has received official notice that the proposed bank has been accepted for insurance of deposits; or (b) the department has received satisfactory assurance from the Federal Deposit Insurance Corporation or the Federal Reserve Bank of Minneapolis that the proposed bank will be accepted for insurance when the applicant complies with certain stated minor requirements imposed by the Federal Deposit Insurance Corporation. Such "minor requirements" must be of a type and character which the department determines can be promptly complied with by the applicant without serious difficulty.