Failure to have a suitable CEO adversely affects the probable success of the proposed trust company and reflects poorly on the judgement of the organizers. Selection of a CEO whom the Commissioner finds unqualified for the position, whose prior experience in trust administration is unsatisfactory, or who is otherwise unacceptable to the Commissioner's Office could reflect negatively on the organizers and result in the application being disapproved. The Commissioner's Office generally will not grant approvals subject to the condition that a more suitable CEO be proposed. If amendments are made to the application which are so extensive that we conclude that the original application is obsolete and therefore no longer an accurate reflection of the applicant's proposal, the original application will be considered withdrawn and a new application and filing fee will be required. During the review period, communications with the Commissioner's Office should be limited to substantive matters.
Frequent calls checking on the status of an application simply delay processing.
We will process the application in the most expedient manner and will inform the spokesperson promptly when a decision is made. Although we will strive to reach a prompt decision, we cannot guarantee that delays will not occur. Therefore, we suggest that real estate or employment commitments related to an application for a trust company include provisions for delays in obtaining preliminary approval and opening the trust company. Following our review of the application, we will decide whether to grant preliminary approval to proceed to organize a trust company. Preliminary approval only indicates permission to proceed with the organization by filing the proposed Articles of Incorporation of the trust company with the Office of the Secretary of State.