221.0202 Application.

(1) Contents. An application under s. 221.0201 shall be prepared and filed in duplicate, and shall include all of the following:

(a) The location of the proposed bank.

(b) The character of the business to be transacted by the proposed bank.

(c) The proposed capital of the proposed bank.

(d) The full name, residence, and occupation of each applicant.

(e) Other information required by the division.

(2) Notice of application. Upon receipt by the division of properly executed application, the division shall, within 5 days, forward to the applicants a copy of a notice of application for authority to organize a bank. The notice of application shall contain the information required under sub. (1) and a date and place for hearing on the application. The notice shall be published as a class 3 notice, under ch. 985, by the applicants, at their own expense, in the city, village or town where the bank is to be located. Proof of publication shall be filed with the division in such form as the division requires. The division may waive the requirement of publication, if the bank to be organized is to replace, absorb or consolidate one or more existing banks.

(3) Fee. The applicants shall pay to the division a fee in an amount determined by the division, together with the actual costs incurred by the division in making an investigation under sub. (4) of the application.

(4) Investigation.

(a) At the hearing and by such investigation as the division considers necessary, the division shall consider all of the following:

1. Whether the character, responsibility and general fitness of the persons named in the application command confidence and warrant the belief that the business of the proposed bank will be honestly and efficiently conducted in accordance with this chapter.

2. Whether public convenience and advantage will be promoted by allowing the bank to organize.

3. The character and experience of the proposed officers.

4. The adequacy of existing banking facilities and the need of further banking capital.

5. The outlook for the growth and development of the area where the bank is to be located.

6. The methods and banking practices of any existing banks in the area where the bank is to be located; the interest rate that these existing banks charge to borrowers; and the character of the service which these existing banks provide to the community.

7. The prospects for the success of the proposed bank if efficiently managed.

(b) The division shall complete the investigation within 90 days after the filing with the division of proof of publication under sub. (2) and the paying of the fee under sub. (3), whichever is later. If a majority of the applicants and the division mutually agree, the time may be extended for an additional period of 60 days.

(5) Decision. After completing the investigation under sub. (4), the division shall make a written report to the banking institutions review board stating the results of the investigation and the division's recommendation. The board shall consider the matter, conduct any necessary hearing, and promptly make its decision approving or disapproving the application. The decision shall be final except pursuant to s. 220.035 (1) and (3). If the application is approved, the division shall endorse on each of the original applications the word “Approved". If the application is disapproved, the division shall endorse the word “Disapproved". One of the duplicate originals shall be filed in the division's office and one shall be returned by mail to the applicants.

History: 1995 a. 336; 2019 a. 65.