The State of New Jersey
NJ Department of Banking and Insurance

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Requirements for Organizing a New Jersey State Chartered Bank or Savings Bank
Application requirements are set forth in NJAC 3:1-2.2 et seq. and NJSA 17:9A-1 et seq. :

NJAC 3:1-2.2a

Requires a Certificate of Incorporation
1. Feasibility study/Three (3) year deposit projections
    2.  Three (3) year pro forma balance sheet and income statement showing projected breakeven
  3.  Interagency biographical financial data (See FDIC form) and Police checks (@ $18.00) for all incorporators, Directors and officers (should be a bank check, attorney or consultant check made payable to the “Division of State Police-SBI”)
  4. Filing fee $15,000, non refundable
  5. Indicia of title
  6. Copy of application to be filed with the FDIC, if the applicant has applied for a charter that includes the authority to accept deposits. When the final application is filed with the FDIC a copy shall be simultaneously transmitted to the Department.
  7. Director code of conduct
  8. Affiliated person application, if necessary
  9.  Business plan (See Interagency charter application)
  10. Fingerprint cards if not FDIC insured
NJAC 3:1-2.5



Objectors, if applicable


For the first three (3) years after issuance of the certificate of authority, the depository shall maintain a tier I capital to asset ratio, as ratio is defined in 12 CFR 325.2(k), that is at least 8% of the bank’s total assets.  Must also maintain a fully funded reserve. 


Commercial or Savings bank minimum capital $6,000,000  (par value $2.00 minimum)  

Limited Purpose Trust Company minimum capital $2,000,000 ($2.00 par value minimum)

Failed bank
minimum capital $5,000,000 or 6% of deposits


2.19b Incorporators subscribe for 25% of stock
2.19d No individual subscribe for in excess of 24.9% of stock

No company subscribe for in excess of 24.9% of stock, unless holding company

Certificate of incorporation is required and should include the following:
Commercial Bank
NJSA 17:9A-3A
Seven (7) or more persons to incorporate a commercial bank
Surplus has to equal 20% of capital stock
Reserve for organization expense 5% of capital stock
Capital stock has to have a minimum $2.00 par value
Savings Bank
NJSA 17:9A-7
Nine (9) or more persons to incorporate a savings bank
Needs a surplus and reserve for organization expense of 20% and 5%, respectively, of capital stock. Capital stock has to have a minimum $2.00 par value
If you have any questions regarding the application process for chartering a state‑chartered commercial bank or savings bank, please e-mail

It is highly recommended that before any application for a new bank charter is filed that a representative(s) of the incorporators set up a meeting with the applications section so that any questions or concerns may be discussed.
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New Jersey Department of Banking and Insurance