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State bank (United States)

From Wikipedia, the free encyclopedia

In the United States, a state bank is a bank in a U.S. state that is chartered by the government of that state, as opposed to a national bank which is chartered at the federal level.[1][2]

Overview

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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. In addition, state banks that are members of the Federal Reserve are regulated by the Federal Reserve; state banks that are not members of the Federal Reserve are regulated by the Federal Deposit Insurance Corporation (FDIC). Therefore, virtually every state chartered bank has both a state and federal regulator. There are a very small number of state banks that do not have FDIC insurance.[citation needed]

List of U.S. banks with "State Bank" in their name

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See also

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Notes

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  1. ^ "What is the difference between a state and a national bank?". Department of Insurance and Financial Institutions (Arizona). Retrieved 8 May 2023.
  2. ^ "State bank: what it is, how it works, services". Investopedia. 26 July 2011. Retrieved 8 May 2023.