Preopening Checklist for Organizers

Preopening Checklist for Organizers

Note: This checklist is not a complete list of requirements that must be met before the national bank/Federal savings association (bank) opens. You must refer to the Procedures to complete the organization phase. (See the “Charters” booklet of the Comptroller’s Licensing Manual – Procedures: Organization Phase.)

Date Comment

Organizing the Bank

Adopt articles of association/charter and bylaws _________ _______________________

File adopted articles of association/charter with OCC _________ _______________________

Adopt organization certificate _________ _______________________

File organization certificate with OCC _________ _______________________

Receive OCC acceptance of articles of association/charter and

bylaws and organization certificate letter _________ _______________________

Elect organizing directors previously cleared by the OCC _________ _______________________

Execute oaths of organizing directors and file with OCC _________ _______________________

Select chairperson and secretary _________ _______________________

Adopt corporate seal (only for national banks) _________ _______________________

Adopt stock certificate form _________ _______________________

Raising Capital

Designate in the board minutes an insured depository bank as

escrow agent to receive stock subscription funds _________ _______________________

Establish depository escrow account _________ _______________________

Send copy of depository agreement to OCC _________ _______________________

Authorize offering materials and solicitation of stock

subscriptions _________ _______________________

Designate a board member or executive officer (typically the

chairperson, Secretary to the Board, or president) as the OCC

contact person _________ _______________________

Notify the OCC of the contact person, if different from previous

designee _________ _______________________

Submit offering materials to OCC for review _________ _______________________

File amended offering materials with OCC, if applicable _________ _______________________

Receive OCC approval of amended offering materials _________ _______________________

Receive OCC approval of offering materials as “effective” _________ _______________________

Solicit stock subscriptions _________ _______________________

Request OCC extension of expired offering materials, if needed _________ _______________________

Receive OCC approval of extension of expired offering materials _________ _______________________

Receive certification letter for capital funds from escrow agent _________ _______________________

Forward copy of certification letter from escrow agent

to the OCC _________ _______________________

Prepare list of shareholders and submit to the OCC _________ _______________________

Continuing to Organize Bank Operations

Sign fidelity insurance and other insurance contracts _________ _______________________

Approve organization expenses in minutes if charged to bank _________ _______________________

Approve location in minutes _________ _______________________

Submit for review to the OCC directors’ and executive officers'

Interagency Biographical and Financial Reports,

if not already done _________ _______________________

Hire the following officers who will be in place before opening:

Cashier or chief financial officer _________ _______________________

Senior lending officer _________ _______________________

Submit for review to the OCC principal shareholders' (10% or

more) Interagency Biographical and Financial Reports,

if not already done _________ _______________________

Execute Capital Stock Payment Certificate _________ _______________________

Forward Capital Stock Payment Certificate to OCC _________ _______________________

Other Regulatory Approvals

Submit Federal Reserve Stock/Membership application to the FRB _________ _______________________

(if applicable)

Receive approval of deposit insurance application from the

FDIC (if applicable) _________ _______________________

Receive approval from FRB for holding company acquisition

of the bank or Federal savings association, if applicable _________ _______________________

Holding Company Requirements

Forward certification to the OCC that the capital funds have been

accounted for separately and are available to capitalize

the bank _________ _______________________

Provide unanimous written consent of all shareholders in

Place of Proxy Card and Proxy Sample for First Shareholders’

Meeting _________ _______________________

Shareholders’ Meeting

Prepare and distribute to shareholders:

Proxy Card

Proxy Sample for First Shareholders’ Meeting _________ _______________________

Hold initial shareholders' meeting _________ _______________________

First Meeting of the Board and Board Activities

Hold initial board of directors' meeting _________ _______________________

Execute Oaths of directors _________ _______________________

File an executed original copy of the Oaths with the OCC _________ _______________________

Designate the following officers in the minutes:

Compliance officer _________ _______________________

Security officer _________ _______________________

Technology officer _________ _______________________

Sign one or more contracts with a data processing

and other service providers, each contract specifying

the OCC’s examination and regulatory jurisdiction _________ _______________________

Adopt Board report formats _________ _______________________

Final Preparations for Opening

Complete building construction or leasehold improvements _________ _______________________

Install furniture, fixtures, and equipment _________ _______________________

Fulfill requirements of 12 CFR 21 (Minimum Security Devices) _________ _______________________

Test operating business platform, including general ledger _________ _______________________

Request preopening exam via “Organization Completed” letter

(with Preopening Checklist for Applicants) _________ _______________________

Specify desired opening date _________ _______________________

Correct any preopening examination deficiencies _________ _______________________

Verify approval of FDIC deposit insurance _________ _______________________

Order FDIC deposit insurance signage from the FDIC _________ _______________________

File documents with Fed for Federal Reserve Membership _________ _______________________

(if applicable)

Request OCC to authorize Release of Escrow Fund _________ _______________________

Receive letter from OCC authorizing Release of Escrow Fund _________ _______________________

Receive OCC authorization to open _________ _______________________

Call Licensing staff on first day to confirm opening _________ _______________________

The board of directors should adopt and be ready to implement the following policies and procedures when the bank opens. Depending on the proposed activities, the board may need to develop, adopt, and monitor additional written policies and procedures. Management may submit copies of policies and procedures to the supervisory office for review and comment prior to the preopening examination.

Date Comment

Lending Policy _________ _______________________

Loan and Lease Losses Policy _________ _______________________

Loan Compliance Program _________ _______________________

Interest Rate Risk Policy _________ _______________________

Funds Management and Liquidity Risk Management

Policy _________ _______________________

Investment Portfolio Policy _________ _______________________

Asset Management Policy _________ _______________________

Capital Policy _________ _______________________

Internal and External Audit Policy _________ _______________________

Insider and Conflicts of Interest Policy _________ _______________________

Compliance Policies including:

Compliance Program (including CRA Policy) _________ _______________________

Bank Secrecy Act Program _________ _______________________

Office of Foreign Assets Control Complicance Program _________ _______________________

Privacy of Consumer Financial Information policy

(12 CFR 40) _________ _______________________

Information Security Program (12 CFR 30) _________ _______________________

Security Transaction Policy _________ _______________________

Regulatory Reports Procedures _________ _______________________

Information Technology Policies (including a business

continuity plan) _________ _______________________

Staffing and Compensation Policy _________ _______________________

List of Documents to be held for Preopening Examination -- Management may send copies of the minutes to the supervisory office for review and comment prior to the preopening examination.

Notice or Waiver of Notice of First Meeting of Organizers _______________________

Minutes of First Meeting of Organizers _______________________

Notice or Waiver of Notice of Organizing Board’s First Meeting _______________________

Minutes of the Organizing Board’s First Meeting _______________________

Joint (and Individual) Oaths of Organizing Directors (copy)

(File with OCC when executed. See Oath of Bank Director

Instructions.) _______________________

Stock Certificate Form _______________________

Bylaws _______________________

Minutes of Subsequent Organizing Board Meetings _______________________

Notice or Waiver of Notice of First Shareholders’ Meeting _______________________

Sample of Proxy Card _______________________

Proxy Sample for First Shareholders’ Meeting _______________________

Minutes of First Shareholders’ Meeting _______________________

Notice or Waiver of Notice of First Board Meeting _______________________

Minutes of the First Meeting of Directors _______________________

Subscription Sample _______________________

Original of this checklist _______________________