Chapter 658 — Chapter 658
49 sections in this chapter.
Fla. Stat. § 658.12 Definitions
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Subject to other definitions contained in the financial institutions codes and unless the context otherwise requires:(1) “Association” means an association as defined in s. 665.012.(2) “Bank” means any person having a subsisting charter or other lawful authorization, under the la…
Fla. Stat. § 658.16 Creation of banking or trust corporation
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(1) When authorized by the office, as provided herein, a corporation may be formed under the laws of this state for the purpose of becoming a state bank or a state trust company and conducting a general banking or trust business.(2) A bank or trust company that is chartered as a …
Fla. Stat. § 658.165 Banker’s banks; formation; applicability of financial institutions codes; exceptions
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(1) If authorized by the office, a corporation may be formed under the laws of this state for the purpose of becoming a banker’s bank. An application for authority to organize a banker’s bank is subject to ss. 658.19, 658.20, and 658.21, except that s. 658.20(1)(b) and (c) and th…
Fla. Stat. § 658.19 Application for authority to organize a bank or trust company
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(1) A written application for authority to organize a banking corporation or a trust company shall be filed with the office by the proposed directors and shall include:(a) The name, residence, and occupation of each proposed director.(b) The proposed corporate name.(c) The total …
Fla. Stat. § 658.20 Investigation by office
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(1) Upon the filing of an application, the office shall make an investigation of:(a) The character, reputation, financial standing, business experience, and business qualifications of the proposed officers and directors.(b) The need for bank or trust facilities or additional bank…
Fla. Stat. § 658.21 Approval of application; findings required
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The office shall approve the application if it finds that:(1) Local and target market conditions indicate reasonable promise of successful operation for the proposed state bank or trust company. In determining whether an applicant meets the requirements of this subsection, the of…
Fla. Stat. § 658.22 Coordination with federal agencies
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Upon approval by the office of the application for authority to organize a state bank, the office shall forward a copy of its final order to the appropriate federal regulatory agencies. The failure of an applicant to apply for membership in the Federal Reserve System or apply for…
Fla. Stat. § 658.23 Submission of articles of incorporation; contents; form; approval; filing; commencement of corporate existence; bylaws
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(1) Within 3 months after approval by the office and the appropriate federal regulatory agency, the applicant shall submit its duly executed articles of incorporation to the office, together with the filing fee due the Department of State under s. 607.0122.(2) The articles of inc…
Fla. Stat. § 658.235 Subscriptions for stock; approval of major shareholders
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(1) Within 6 months after commencement of corporate existence, and at least 30 days prior to opening, the directors shall have completed the stock offering and shall file with the office a final list of subscribers to all of the capital stock of the proposed bank or trust company…
Fla. Stat. § 658.24 Organizational procedures
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After the corporate existence of a bank or trust company corporation has commenced and the stock has been issued, but no less than 30 days prior to the intended opening date, a shareholders’ meeting shall be held to elect directors already approved by the office, to approve organ…
Fla. Stat. § 658.25 Opening for business
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(1) A bank or trust company corporation shall open and conduct a general commercial bank or trust business no later than 12 months after the commencement of its corporate existence.(2) At least 30 days prior to its intended opening date, the corporation shall notify the office of…
Fla. Stat. § 658.26 Places of transacting business; branches; facilities
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(1) Any bank or trust company heretofore or hereafter incorporated pursuant to this chapter shall have one main office, which shall be located within the state.(2)(a) In addition, with the approval of the office and upon such conditions as the commission or office prescribes, any…
Fla. Stat. § 658.27 Control of bank or trust company; definitions and related provisions
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(1) In ss. 658.27-658.285, unless the context clearly requires otherwise:(a) “Bank holding company” means any business organization which has or acquires control over any bank or trust company or over any business organization that is or becomes a bank holding company by virtue o…
Fla. Stat. § 658.28 Acquisition of control of a bank or trust company
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(1) If a person or a group of persons, directly or indirectly or acting by or through one or more persons, proposes to purchase or acquire a controlling interest in a state bank or state trust company, and change the control of that bank or trust company, such persons must first …
Fla. Stat. § 658.285 Acquisition or ownership of state banks by international banking corporations
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An international banking corporation may, with the approval of the office pursuant to s. 658.28, acquire control over or organize a state bank organized under the laws of this state. For the purposes of this section, the word “bank” shall have the meaning given in s. 2(c) of the …
Fla. Stat. § 658.2953 Interstate branching
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(1) SHORT TITLE.—This section may be cited as the “Florida Interstate Branching Act.”(2) PURPOSE.—The purpose of this section is to provide for the regulation of interstate branching, in accordance with this section and consistent with the Federal Deposit Insurance Act, as amende…
Fla. Stat. § 658.30 Application of the Florida Business Corporation Act
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(1) When not in direct conflict with or superseded by specific provisions of the financial institutions codes, the provisions of the Florida Business Corporation Act, part I of chapter 607, and, if applicable, part II or part III of chapter 607, extend to state banks and trust co…
Fla. Stat. § 658.32 Annual meetings
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Unless otherwise approved by the office, the annual meeting of stockholders of a state bank or trust company shall be held on such day in the first 4 months of each year as is specified therefor in the articles of incorporation or in the bylaws of the corporation; however, when t…
Fla. Stat. § 658.33 Directors, number, qualifications; officers
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(1) The board of directors of a bank or trust company must consist of at least five directors, each of whom must be elected, except in cases in which a director must be appointed to fill a vacancy. Elections are to be held at the annual meeting of stockholders or at a special mee…
Fla. Stat. § 658.34 Shares of capital stock
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(1) A bank or trust company shall issue its capital stock with par value of not less than $1 per share.(2) No bank or trust company shall issue any shares of capital stock at a price less than par value, and prior to issuance, any such shares must be fully paid in cash.(3) With t…
Fla. Stat. § 658.35 Share options; warrants
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(1) After obtaining the approval of the majority of the board of directors, the majority of the holders of common stock of the bank, and the office and after complying with the provisions of s. 607.0624, any bank or trust company may, for the purpose of providing share options fo…
Fla. Stat. § 658.36 Changes in capital
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(1) A state bank or trust company may not reduce the number of shares of its outstanding capital stock without first obtaining the approval of the office. Approval shall be withheld if the reduction will cause capital accounts to be less than the minimum required pursuant to the …
Fla. Stat. § 658.37 Dividends and surplus
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(1) The directors of any bank or trust company, after charging off bad debts, depreciation, and other worthless assets if any, and making provision for reasonably anticipated future losses on loans and other assets, may quarterly, semiannually, or annually declare a dividend of s…
Fla. Stat. § 658.38 Deposit insurance
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A state bank must, prior to opening, obtain and thereafter maintain insurance of its deposits by the Federal Deposit Insurance Corporation.
Fla. Stat. § 658.39 Stockholders; examination of records
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No bank, trust company, or financial institution-affiliated party shall permit any stockholder, other than a qualified director, officer, or employee thereof, to have access to, or to examine or inspect, any of the books or records of such bank or trust company other than its gen…
Fla. Stat. § 658.40 Definitions for merger and consolidation
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As used in the provisions of this code relating to the merger and consolidation of banks and trust companies, unless the context requires otherwise:(1) “Constituent bank or trust company” means a bank or a state trust company which is a party to a merger.(2) “Merger” includes con…
Fla. Stat. § 658.41 Merger; resulting state or national bank
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(1) Upon filing of an application with the office by the constituent banks or trust companies, and upon approval by the office, banks and state trust companies may be merged with a resulting state bank or state trust company, as prescribed in this code, except that the action by …
Fla. Stat. § 658.42 Plan of merger and merger agreement
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(1) If the resulting bank or trust company will be a state bank or a state trust company, the constituent banks or trust companies shall adopt a plan of merger and merger agreement stating the method, terms, and conditions of the merger, including the rights of the stockholders o…
Fla. Stat. § 658.43 Approval by office; valuation of assets; emergency action
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(1) After approval by the board of directors of each constituent bank or trust company, the plan of merger and merger agreement shall be submitted to the office for approval, together with a certified copy of the authorizing resolutions of the board of directors of each constitue…
Fla. Stat. § 658.44 Approval by stockholders; rights of dissenters; preemptive rights
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(1) The office shall not issue a certificate of merger to a resulting state bank or trust company unless the plan of merger and merger agreement, as adopted by a majority of the entire board of directors of each constituent bank or trust company, and as approved by each appropria…
Fla. Stat. § 658.45 Certificate of merger and effective date; effect on charters and powers
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(1) Promptly upon compliance with the provisions of s. 658.44(9), the office shall issue to the resulting bank a certificate of merger setting forth the name of each constituent bank and trust company, the name of the resulting bank or trust company, and the effective date of the…
Fla. Stat. § 658.48 Loans
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A state bank may make loans and extensions of credit, with or without security, subject to the following limitations and provisions:(1) LOANS; GENERAL LIMITATIONS.—(a) A bank may extend credit to any person, including any related interest of that person, up to an amount of 15 per…
Fla. Stat. § 658.491 Commercial loans by financial institutions
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(1) In making collateralized commercial loans secured by accounts, contract rights, or other receivables, any bank may charge and collect audit charges in addition to interest. All such audit charges shall be excluded from interest in determining compliance with chapter 687, rela…
Fla. Stat. § 658.51 Banks authorized to make commodity loans
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(1) Banks may make loans known and described as “commodity loans” on the obligations of any person, firm, copartnership, association, or corporation, in the form of notes or drafts secured by shipping documents, warehouse receipts, or other such documents transferring or securing…
Fla. Stat. § 658.53 Borrowing; limits of indebtedness
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(1) Subject to the limitations imposed by this chapter on the indebtedness of state banks and trust companies, a state bank or trust company may borrow money and issue evidences of indebtedness for a loan for temporary purposes in the usual course of its business.(2) A state bank…
Fla. Stat. § 658.60 Depositories of public moneys and pledge of assets
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(1) Banks shall be depositories of public moneys; they may also be employed as financial agents of the state and its political subdivisions, and they shall perform such reasonable duties as such depositories and financial agents as may be required of them. Banks so designated sha…
Fla. Stat. § 658.67 Investment powers and limitations
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A bank may invest its funds, and a trust company may invest its corporate funds, subject to the following definitions, restrictions, and limitations:(1) INVESTMENTS NOT SUBJECT TO LIMITATION.—A bank or trust company may invest without limitation in the following:(a) Direct obliga…
Fla. Stat. § 658.73 Fees and assessments
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(1) Each state bank and state trust company shall pay to the office examination fees and assessments as follows:(a) A semiannual fee of $2,500; and(b) A semiannual assessment, each in such amount as may be determined by the commission, by rule, but not exceeding 15 cents for each…
Fla. Stat. § 658.79 Taking possession of insolvent state banks or trust companies
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Whenever the office has reason to conclude, based upon the reports furnished to it by a state bank or trust company examiner or upon other satisfactory evidence, that any state bank or trust company:(1) Is insolvent or imminently insolvent; or(2) Is transacting its business in an…
Fla. Stat. § 658.80 Appointment of receiver or liquidator
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(1) Upon taking possession of a state bank or trust company pursuant to s. 658.79, the office shall appoint either a receiver to conserve the assets of the institution or a liquidator to liquidate the assets of the institution and wind up its affairs.(2) The Federal Deposit Insur…
Fla. Stat. § 658.81 Office action; notice and court confirmation
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The office, immediately upon appointing such liquidator or receiver, shall serve notice upon any other person having the charge or management of any such bank or trust company, informing him or her of its action in appointing such liquidator or receiver and notifying him or her t…
Fla. Stat. § 658.82 Receiver; powers and duties
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(1) When the Federal Deposit Insurance Corporation or other appropriate federal agency is appointed receiver of the bank, it may proceed independently with the receivership pursuant to its rules and regulations.(2) Any other receiver appointed pursuant to s. 658.80 shall be subje…
Fla. Stat. § 658.83 Liquidator; powers and duties
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(1) When the Federal Deposit Insurance Corporation or other appropriate federal agency is appointed liquidator or makes a decision to liquidate a bank of which it has been appointed receiver, it may proceed independently with liquidation pursuant to its rules and regulations.(2) …
Fla. Stat. § 658.84 Transfers by banks and other acts in contemplation of insolvency
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(1) Any and all transfers of the notes, bonds, bills of exchange, or other evidences of debt owing to any bank or trust company or of deposits to its credit; all assignments of mortgages, securities, or real estate or of any judgments or decrees in its favor; all deposits of mone…
Fla. Stat. § 658.90 Receivers or liquidators under supervision of office
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The provisions of ss. 658.79-658.96 shall apply to all receivers or liquidators of any bank or trust company heretofore appointed by the order of any circuit court, and all such receivers or liquidators, both those hereunder and those hereafter appointed by the circuit court, sha…
Fla. Stat. § 658.94 Prima facie evidence
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The general ledger, list of claimants, examiner’s final report made at the time of the failure of the bank or trust company, and such other records of the office’s office relating to any closed bank or trust company, or any duly authenticated copy thereof, shall be prima facie ev…
Fla. Stat. § 658.95 Voluntary liquidation
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Any bank or trust company may go into liquidation and be closed by a vote of its stockholders owning two-thirds of its stock. Whenever a vote is taken to go into liquidation, the board of directors shall cause this fact to be certified to the office and publication thereof to be …
Fla. Stat. § 658.96 Procedure in voluntary liquidation
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When a bank or trust company decides to go into voluntary liquidation, the president and cashier, or other appropriate officers, shall, before beginning publication of the notice required by law, furnish the office with a full and complete detailed statement of the affairs of the…
Fla. Stat. § 658.995 Credit Card Bank Act
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(1) This section may be cited as the “Credit Card Bank Act.”(2) As used in this section, the term:(a) “Credit card” means any type of arrangement or loan agreement pursuant to which a domestic lender or credit card bank gives a borrower the privilege of using a credit card or oth…