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A state chartered bank cannot have "National" or "Federal" in its name. [citation needed]State banks are chartered and regulated by a state agency (often called the Department of Financial Institutions) in the state in which its headquarters are located.
State Bank of India, Mumbai. In Australia and the United States, a state bank in a federated state is usually a financial institution that is chartered by the government of that state, as opposed to one regulated at the federal or national level.
State-chartered banks are subject to the regulation of the state regulatory agency of the state in which they were chartered. For example, a California state bank that is not a member of the Federal Reserve System would be regulated by both the California Department of Financial Institutions and the FDIC.
A national bank is a bank that is nationally or federally chartered and is allowed to operate throughout the country in any state. An advantage of holding a National Bank Act charter is that a national bank is not subject to state usury laws intended to prevent predatory lending. [16] (However, see also Cuomo v.
A routing number is a nine-digit code that identifies a U.S. federal or state-chartered bank. Routing numbers help banks, merchants and consumers ensure financial transactions are accurately ...
State Bank generally refers either (1) to a financial institution that is chartered by a federated state in federal countries such as Australia or the United States (as opposed to one regulated at the federal or national level), or (2) a public bank.
As a state-chartered bank, 1 st Colonial will be regulated primarily by the New Jersey Department of Banking and Insurance and the Federal Deposit Insurance Corporation (FDIC).
In 1791, Congress chartered the First Bank of the United States.The bank, which was jointly owned by the federal government and private stockholders, was a nationwide commercial bank which served as the bank for the federal government and operated as a regular commercial bank acting in competition with state banks.