As the feasibility study is conducted, organizers may choose to refine their business plan and submit a revised version as part of their application. Once submitted and complete, the application will be available for public inspection at the Department of Banking. Within 30 days of receipt of the feasibility study and financial forecast, a public hearing will be held before a panel consisting of the Banking Commissioner, Treasurer and Comptroller to consider the application. In the case of a bankers' bank, a community bank, a community development bank, a mutual savings bank and a mutual or capital stock savings and loan association, the commissioner can act alone. The temporary certificate allows the organizers to complete the organization of the bank.
Organizers face a formidable challenge in organizing a bank.
From that point forward, both the state and FDIC application processes will progress on separate but parallel tracks. In order to give both agencies a timeframe to work within, the organizers will need to specify a target opening date for the bank. During the organization process it may be necessary to meet often to discuss various issues. Potential organizers should keep the Department informed of all issues and should request advice or guidance as appropriate. When the required level of capital is achieved and all other provisions of law have been met, organizers should notify the Commissioner that a pre-opening examination is needed.