STATE OF FLORIDA
DIVISION OF ADMINISTRATIVE HEARINGS
DEPARTMENT OF BANKING AND ) FINANCE, DIVISION OF BANKING, )
)
Petitioner, )
)
vs. ) Case No. 00-4967
)
PLUS INTERNATIONAL BANK, )
)
Respondent. )
_________________________________)
REPORT OF PUBLIC HEARING
Pursuant to notice, a hearing was held in this case in accordance with Section 120.80(3)(a), Florida Statutes, on January 17, 2001, by video teleconference at sites in Miami and Tallahassee, Florida, before Stuart M. Lerner, a duly- designated Administrative Law Judge of the Division of Administrative Hearings.
APPEARANCES
For Petitioner: Robert Alan Fox, Esquire
Department of Banking and Finance
101 East Gaines Street Fletcher Building, Suite 526
Tallahassee, Florida 32399-0350
For Respondent: Joseph J. Weisenfeld, Esquire
Weisenfeld and Associates, P.A.
550 Biltmore Way, Suite 1120 Coral Gables, Florida 33134
STATEMENT OF THE ISSUE
Whether the application to organize Plus International Bank should be approved.
PRELIMINARY STATEMENT
On March 24, 2000, the Department of Banking and Finance, Division of Banking (Department) received an application for authority to organize a new bank. The application identified the proposed new bank as Plus International Bank and indicated that Manuel Sacal, Harry Sacal, and Alex Sacal, all foreign nationals, were to own in excess of 10% of the proposed new bank.
On December 8, 2000, the Department issued the following Order:
The Department of Banking and Finance, Division of Banking (hereinafter "Department"), having received an application from foreign nationals to organize a bank and having requested, pursuant to [Section] 120.80(3)(a)1.b. and 4., Fla. Stat. (2000), that a public hearing be held regarding the Application for Authority to Open Plus International Bank:
It is ORDERED that:
The Department's request for a public hearing is GRANTED.
This matter shall be referred to the Division of Administrative Hearings, where it shall be heard in accordance with the requirements and procedures set forth in [Sections] 120.80(3),1 120.569 and 120.57, Fla. Stat., and any applicable rules
promulgated under Chapter 120, Fla. Stat., and under the Financial Institutions Codes.
Proposed Plus International Bank and Alex Sacal, Harry Sacal and Manuel Sacal shall comply with the requirements of Rule 3C-105.105, Fla. Admin. Code,2 concerning notification to the public of this hearing, as well as other requirements of Chapter
3C-105, Fla. Admin. Code.
On December 11, 2000, the Department referred the instant matter to the Division of Administrative Hearings, requesting that an Administrative Law Judge be assigned to conduct a public hearing pursuant to Section 120.80(3), Florida Statutes. After being assigned the case, the undersigned issued a Notice of Hearing, scheduling the public hearing that the Department requested for January 17, 2001. Respondent published a notice in the January 2, 2001, edition of the Miami Herald, which indicated the date, time, and Miami location of the scheduled public hearing and which otherwise complied with the requirements of Rule 3C-105.105(1), Florida Administrative Code.
As noted above, the public hearing was held on January 17, 2001, as scheduled. At the hearing, the following witnesses testified: Andrew Dishington, Manuel Sacal, Harry Sacal, Alex Sacal, Enrique Cabanilla, Roberto Barroso, and Barry Deutsch. In addition to the testimony of these seven witnesses, the following exhibits were offered and received into evidence: Petitioner's Exhibits 1a, 1b, 1c, 2a, 2b, 2c,
2d,3 3, 4, and 5, and Respondent's Exhibits 1 and 2. (The only evidentiary rulings made by the undersigned during the hearing were in connection with the foregoing exhibits.)
At the conclusion of the evidentiary portion of the hearing, the undersigned, on the record, advised the parties of their right to file proposed reports of the public hearing4 and established a deadline (ten days following the filing with the Division of the Administrative Hearings of the transcript of the public hearing) for the filing of such post-hearing submittals.
The transcript of the public hearing was filed with Division of Administrative Hearings on January 26, 2001. On February 2, 2001, the parties filed a Joint Proposed Report of Public Hearing, which has been carefully considered by the undersigned.
FINDINGS OF FACT
On March 24, 2000, the Department received an application (Application) from foreign nationals (Applicants) to organize a new bank, Plus International Bank (New Bank), to be located in Miami-Dade County, Florida.
The Department published notice of its receipt of the Application in the April 7, 2000, edition of the Florida Administrative Weekly. The notice complied with the
requirements Section 120.80(3)(a)1.a., Florida Statutes, and Rule 3C-105.103(1), Florida Administrative Code.5
By letter dated April 11, 2000, the Department requested the Applicants to supplement their Application with additional information, including information concerning their "promise of successful operation" and the New Bank's "capital structure," its "directors and officers," and its "banking quarters."
It was not until November 3, 2000, that the Department received all of the additional information it had requested from the Applicants.
The Application identifies four individuals associated with the New Bank who are foreign nationals: Manuel Sacal, Harry Sacal, Alex Sacal, and Roberto Barroso.
Manuel Sacal (M. Sacal) is a proposed director of the New Bank and holder of 28% of the bank's outstanding shares of common stock. He is currently the Chief Executive Officer and General Director of Casa De Cambio Plus, S.A. de C.V. (Cambio Plus), a foreign exchange house based in Mexico City, Mexico, and the Chief Executive Officer and General Director of Plusder, S.A. de C.V., a futures brokerage house located in Mexico City, Mexico. As the Chief Executive Officer and General Director of Cambio Plus, a position he has held
since 1987, M. Sacal has helped Cambio Plus become one of the largest exchange houses in Mexico.
Harry Sacal (H. Sacal), like M. Sacal, is a proposed holder of 28% of the New Bank's outstanding shares of common stock.
Alex Sacal (A. Sacal) is a proposed holder of 14% of the New Bank's outstanding shares of common stock.
M. Sacal, H. Sacal, and A. Sacal are brothers. They each are citizens of Mexico.
Roberto Barroso is a proposed director of the New Bank and holder of 0.1% of the New Bank's outstanding shares of common stock. He is a citizen of Brazil. Mr. Barroso has
30 years of banking experience, primarily in the area of international banking. He has, among other things, managed financial institutions and been involved in making trade financing arrangements. From approximately 1998, until his retirement in June of 2000, he was a Vice-President of Citibank.
The other proposed directors of the New Bank identified in the Application -- Enrique Cabanilla, Barry Deutsch, Jaime Medina, Ira Weindruch, Deborah Jacobson, and Patrick Fournie -- are all United States citizens. These individuals, along with Mr. Barroso, have sufficient business experience, ability, standing, and reputation to enable them
to perform their duties as the New Bank's directors in a manner that can reasonably be expected to result in the successful operation of the bank.
Mr. Cabanilla, who is also identified as the proposed chief executive officer of the New Bank, has had over
30 years of banking experience, with particular emphasis in the areas of international banking and trade finance. He has held banking positions which have required him to be directly involved in credit analysis and approval, bank and personnel administration, direction and control of operations, and the application of routine control and audit functions. In addition, he has been responsible for the management of multi- branch banking operations and all phases of commercial lending. Although Mr. Cabanilla has not had at least one year of direct experience as an executive officer, director, or regulator of a financial institution within the last three years, it appears that he possesses sufficient financial institution experience, ability, standing, and reputation to enable him to perform his duties as the New Bank's chief executive officer in a manner that can reasonably be expected to result in the successful operation of the bank.
Mr. Deutsch has had over 30 years of banking/bank
consulting experience. He has been an employee of, and consultant to, a number of large United States financial
institutions, such as Mellon National Bank, Bank One, and Bank of America. In addition, as a consultant, he has assisted a number of community banks in the South Florida area with strategic planning, marketing, and investor relations. He has also served as a consultant to several Latin American financial institutions, including Banco Popular de Puerto Rico and Grupo Financiero BAC, and to Bank Polska Kasa Opieki in Warsaw, Poland. While Mr. Deutsch has had at least one year of direct experience as an executive officer or director of a financial institution, he last served in such a capacity in 1988.
Mr. Medina has had almost 20 years of banking experience, primarily in the area of international banking, and has had a least one year of direct experience as an executive officer of a financial institution within three years of the date the Application was filed with the Department.
Mr. Weindruch was an owner and director of RockIsland Bank, an Illinois-state chartered bank, from 1985 until 1991. In addition, he served on the bank's loan, facilities, and personnel committees. He has not served as an executive officer or director of a financial institution since his departure from RockIsland Bank.
Ms. Jacobson has extensive experience in the exporting and importing business. She has never been an executive officer or director of a financial institution.
Mr. Fournie is the Chief Financial Officer for Surfin, Ltd., the Latin American arm of Direct TV. Prior to assuming his current position, he was employed by Citibank, where he gained considerable experience in international banking. Mr. Fournie has never been an executive officer or director of a financial institution.
None of the proposed officers, directors, or major shareholders6 of the New Bank has been convicted of, or pled guilty or nolo contendere to, any violation of Section 655.50, Florida Statutes (which is known as the "Florida Control of Money Laundering in Financial Institutions Act"), any offense described Chapter 896, Florida Statutes, or any other crime.
At present, the New Bank does not have a proposed president.
The New Bank's business plan reflects that the bank will offer trade financing and commercial loans to small and medium-sized United States exporters and importers located primarily in Florida; commercial loans and small business loans to small and medium-sized businesses in the Miami-Dade County community; and private banking services to high net worth individuals, particularly those who are foreign
nationals and permanent or part-time residents of the United States.
The Application indicates that, at the time of the opening of the New Bank, 5,000,000 shares of common stock will have been sold at $2.00 per share, producing $10,000,000.00 in start-up capital. (According to the Application, the total number of shares of common stock that the New Bank will be authorized to issue is 7,500,000.)
Of the $10,000,000.00 in start-up capital that the New Bank will have at opening, $7,000,000.00 will have been contributed by the Sacal brothers (M. Sacal, H. Sacal, and A. Sacal). Approximately $2,500,000.00 of the remaining
$3,000,000.00 in start-up capital has already been raised.
The Sacal brothers have committed to increasing their investment in the New Bank after its opening, as circumstances warrant.
The Application estimates that net organizational expenses will be $446,642.00.
Of the amount ($9,553,358.00) of capital remaining following payment of these expenses, $5,000,000 will be allocated as paid-in capital (5,000,000 shares at $1.00 par value).
The New Bank's proposed capital structure will also have paid-in surplus in an amount greater than 20 percent of
paid-in capital and a fund designated as undivided profits in an amount greater than five percent of paid-in capital.
The initial capitalization of the New Bank appears to be adequate in relation to its proposed business activities.
Local conditions in Miami-Dade County indicate reasonable promise of successful operation of the New Bank. The bank's financial plan appears to be reasonable and attainable.
The parties have stipulated that the corporate name, "Plus International," is not, and cannot, be reserved with the Department of State inasmuch as the Department of State no longer reserves corporate names.
The New Bank, which will be located at 200 South Biscayne Boulevard, Miami, Florida, will have suitable quarters.
The Applicants have applied to have the New Bank insured by the Bank Insurance Fund (BIF) of the Federal Deposit Insurance Corporation (FDIC). The application was received by the FDIC on July 11, 2000.
DONE AND ENTERED this 9th day of February, 2001, in Tallahassee, Leon County, Florida.
___________________________________ STUART M. LERNER
Administrative Law Judge
Division of Administrative Hearings The DeSoto Building
1230 Apalachee Parkway
Tallahassee, Florida 32399-3060
(850) 488-9675 SUNCOM 278-9675
Fax Filing (850) 921-6847 www.doah.state.fl.us
Filed with the Clerk of the Division of Administrative Hearings this 9th day of February, 2001.
ENDNOTES
1/ Section 120.80(3), Florida Statutes, provides as follows: DEPARTMENT OF BANKING AND FINANCE.--
Notwithstanding s. 120.60(1), in proceedings for the issuance, denial, renewal, or amendment of a license or approval of a merger pursuant to title XXXVIII:
1.a. The Department of Banking and Finance shall have published in the Florida Administrative Weekly notice of the application within 21 days after receipt.
b. Within 21 days after publication of notice, any person may request a hearing. Failure to request a hearing within 21 days after notice constitutes a waiver of any right to a hearing. The Department of Banking and Finance or an applicant may request a hearing at any time prior to the issuance of a final order. Hearings shall be conducted pursuant to ss. 120.569 and 120.57, except that the Department of
Banking and Finance shall by rule provide for participation by the general public.
Should a hearing be requested as provided by sub-subparagraph 1.b., the applicant or licensee shall publish at its own cost a notice of the hearing in a newspaper of general circulation in the area affected by the application. The Department of Banking and Finance may by rule specify the format and size of the notice.
Notwithstanding s. 120.60(1), and except as provided in subparagraph 4., every application for license for a new bank, new trust company, new credit union, or new savings and loan association shall be approved or denied within 180 days after receipt of the original application or receipt of the timely requested additional information or correction of errors or omissions. Any application for such a license or for acquisition of such control which is not approved or denied within the 180-day period or within 30 days after conclusion of a public hearing on the application, whichever is later, shall be deemed approved subject to the satisfactory completion of conditions required by statute as a prerequisite to license and approval of insurance of accounts for a new bank, a new savings and loan association, or a new credit union by the appropriate insurer.
In the case of every application for license to establish a new bank, trust company, or capital stock savings association in which a foreign national proposes to own or control 10 percent or more of any class of voting securities, and in the case of every application by a foreign national for approval to acquire control of a bank, trust company, or capital stock savings association, the Department of Banking and Finance shall request that a public hearing be conducted
pursuant to ss. 120.569 and 120.57. Notice of such hearing shall be published by the applicant as provided in subparagraph 2.
The failure of any such foreign national to appear personally at the hearing shall be grounds for denial of the application.
Notwithstanding the provisions of s. 120.60(1) and subparagraph 3., every application involving a foreign national shall be approved or denied within 1 year after receipt of the original application or any timely requested additional information or the correction of any errors or omissions, or within 30 days after the conclusion of the public hearing on the application, whichever is later.
In any application for a license or merger pursuant to title XXXVIII which is referred by the agency to the division for hearing, the administrative law judge shall complete and submit to the agency and to all parties a written report consisting of findings of fact and rulings on evidentiary matters. The agency shall allow each party at least 10 days in which to submit written exceptions to the report.
2/ Rule 3C-105.105, Florida Administrative Code, provides as follows:
The applicant shall, no more than 21 nor less than 14 days prior to the scheduled hearing, publish one time in a newspaper of general circulation in the community in which the applicant proposes to engage in business, a notice containing the name or names of the applicant, the subject matter of the application, the location at which the applicant proposes to engage in business and the date, time, and place of the hearing. The notice shall include a statement that the hearing is open to members of the general public and shall not be published in a specialized paper which caters only to the publication of legal notices or business news. The minimum notice size shall be 2 columns by 2
inches, with no type less than 8 point and shall be placed as a run-of-the-paper ad. The name of the applicant shall appear in bold face.
Immediately after publication, the applicant shall furnish the Department and all other parties with a certification from the publisher and a tear sheet or clipping evidencing such publication.
3/ Petitioner's Exhibits 2a, 2b, 2c, and 2d contain material that, pursuant to Section 655.057, Florida Statutes, is confidential and not subject to mandatory public disclosure. The undersigned has taken measures necessary to protect the confidentiality of this material.
4/ Pursuant to Section 120.80(3)(b), Florida Statutes, it is the undersigned's responsibility to submit to the Department "a written report [of the public hearing] consisting of findings of fact and rulings on evidentiary matters." Upon receiving the undersigned's report, the Department must determine whether the instant application should be approved in accordance with Section 658.21, Florida Statutes, which provides as follows:
The department shall approve the application if it finds that:
Local conditions indicate reasonable promise of successful operation for the proposed state bank or trust company. In determining whether an applicant meets the requirements of this subsection, the department shall consider all materially relevant factors, including:
The purpose, objectives, and business philosophy of the proposed state bank or trust company.
The projected financial performance of the proposed bank or trust company.
The feasibility of the proposed bank or trust company, as stated in the business plan, particularly with respect to asset and liability growth and management.
The proposed capitalization is in such amount as the department deems adequate, but in no case may the total capital accounts at opening for a bank be less than
$4 million if the proposed bank is to be located in any county which is included in a metropolitan statistical area, or $2 million if the proposed bank is to be located in any other county. The total capital accounts at opening for a trust company may not be less than $2 million.
The department may disallow illegally obtained currency, monetary instruments, funds, or other financial resources from the capitalization requirements of this section.
The proposed capital structure is in such form as the department may require, but, at a minimum, every state bank or trust company hereafter organized shall establish:
Paid-in capital equal in amount to not less than 50 percent of its total capital accounts.
A paid-in surplus equal in amount to not less than 20 percent of its paid-in capital.
A fund to be designated as undivided profits equal in amount to not less than 5 percent of its paid-in capital.
The proposed officers have sufficient financial institution experience, ability, standing, and reputation and the proposed directors have sufficient business experience, ability, standing, and reputation to indicate reasonable promise of successful operation, and none of the proposed officers or directors has been convicted of, or pled guilty or nolo contendere to, any violation of s. 655.50, relating to the Florida Control of Money Laundering in Financial Institutions Act;
chapter 896, relating to offenses related to financial institutions; or any similar state or federal law. At least one of the proposed directors who is not also a proposed officer shall have had at least 1 year direct experience as an executive officer, regulator, or director of a financial institution within 3 years of the date of the application. This requirement may be waived by the department if the applicant demonstrates that the proposed director has very substantial experience as an executive officer, director, or regulator of a financial institution more than 3 years before the date of the application. The proposed president or chief executive officer shall have had at least 1 year of direct experience as an executive officer, director, or regulator of a financial institution within the last
3 years.
The corporate name of the proposed state bank or trust company is reserved with the Department of State.
Provision has been made for suitable quarters at the location in the application.
5/ Rule 3C-105.103(1), Florida Administrative Code, provides as follows:
When required, the Department shall publish notice of receipt of each application in the Florida Administrative Weekly within 21 days of its receipt. The notice shall identify the applicant, the subject of the application, the proposed location of the requested license action (if appropriate), the date received, the time within which to request a public hearing, and reference to the rule describing procedures for requesting such a hearing.
6/ A "major shareholder," as that term is used in Rule Chapter 3C-105, Florida Administrative Code, is defined (in Rule 3C-105.001(7), Florida Administrative Code) as "any
person subscribing to 10 percent or more of the voting stock or nonvoting stock which is convertible into voting stock of the proposed state financial institution."
COPIES FURNISHED:
Robert Alan Fox, Esquire Department of Banking and Finance
101 East Gaines Street Fletcher Building, Suite 526
Tallahassee, Florida 32399-0350
Joseph J. Weisenfeld, Esquire Weisenfeld and Associates, P.A.
550 Biltmore Way, Suite 1120 Coral Gables, Florida 33134
Honorable Robert F. Milligan Department of Banking and Finance Office of the Comptroller
The Capitol, Plaza Level 09 Tallahassee, Florida 32399-0350
Robert Beitler, Acting General Counsel Department of Banking and Finance Fletcher Building, Suite 526
101 East Gaines Street Tallahassee, Florida 32399-0350
NOTICE OF RIGHT TO SUBMIT EXCEPTIONS
All parties have the right to submit written exceptions within
10 days from the date of this recommended order. Any exceptions to this recommended order should be filed with the agency that will issue the final order in this case.
1 Section 120.80(3), Florida Statutes, provides as follows: DEPARTMENT OF BANKING AND FINANCE.--
Notwithstanding s. 120.60(1), in proceedings for the issuance, denial, renewal, or amendment of a license or approval of a merger pursuant to title XXXVIII:
1.a. The Department of Banking and Finance shall have published in the Florida Administrative Weekly notice of the application within 21 days after receipt.
b. Within 21 days after publication of notice, any person may request a hearing. Failure to request a hearing within 21 days after notice constitutes a waiver of any right to a hearing. The Department of Banking and Finance or an applicant may request a hearing at any time prior to the issuance of a final order. Hearings shall be conducted pursuant to ss. 120.569 and 120.57, except that the Department of Banking and Finance shall by rule provide for participation by the general public.
Should a hearing be requested as provided by sub-subparagraph 1.b., the applicant or licensee shall publish at its own cost a notice of the hearing in a newspaper of general circulation in the area affected by the application. The Department of Banking and Finance may by rule specify the format and size of the notice.
Notwithstanding s. 120.60(1), and except as provided in subparagraph 4., every application for license for a new bank, new trust company, new credit union, or new savings and loan association shall be approved or denied within 180 days after receipt of the original application or receipt of the timely requested additional information or correction of errors or omissions. Any application for such a license or for acquisition of such control which is not approved or denied within the 180-day period or within 30 days after conclusion of a public hearing on the application, whichever is later, shall be deemed approved subject to the satisfactory completion of conditions required by statute as a prerequisite to license and approval of insurance of accounts for a new
bank, a new savings and loan association, or a new credit union by the appropriate insurer.
In the case of every application for license to establish a new bank, trust company, or capital stock savings association in which a foreign national proposes to own or control 10 percent or more of any class of voting securities, and in the case of every application by a foreign national for approval to acquire control of a bank, trust company, or capital stock savings association, the Department of Banking and Finance shall request that a public hearing be conducted pursuant to ss. 120.569 and 120.57. Notice of such hearing shall be published by the applicant as provided in subparagraph 2. The failure of any such foreign national to appear personally at the hearing shall be grounds for denial of the application. Notwithstanding the provisions of s. 120.60(1) and subparagraph 3., every application involving a foreign national shall be approved or denied within 1 year after receipt of the original application or any timely requested additional information or the correction of any errors or omissions, or within 30 days after the conclusion of the public hearing on the application, whichever is later.
In any application for a license or merger pursuant to title XXXVIII which is referred by the agency to the division for hearing, the administrative law judge shall complete and submit to the agency and to all parties a written report consisting of findings of fact and rulings on evidentiary matters. The agency shall allow each party at least 10 days in which to submit written exceptions to the report.
2 Rule 3C-105.105, Florida Administrative Code, provides as follows:
The applicant shall, no more than 21 nor less than 14 days prior to the scheduled hearing, publish one time in a newspaper of general circulation in the community in which the applicant proposes to engage in business, a notice containing the name or names of the applicant, the subject matter of the application, the location at which the applicant proposes to engage in business and the date, time, and place of the hearing. The notice shall include a statement that the hearing is open to members of the general public and shall not be published in a specialized paper which caters only to the publication of legal notices or business news. The minimum notice size shall be 2 columns by 2 inches, with no type less than 8 point and shall be placed as a run-of-the-paper ad. The name of the applicant shall appear in bold face.
Immediately after publication, the applicant shall furnish the Department and all other parties with a certification from the publisher and a tear sheet or clipping evidencing such publication.
3 Petitioner's Exhibits 2a, 2b, 2c, and 2d contain material that, pursuant to Section 655.057, Florida Statutes, is confidential and not subject to mandatory public disclosure. The undersigned has taken measures necessary to protect the confidentiality of this material.
4 Pursuant to Section 120.80(3)(b), Florida Statutes, it is the undersigned's responsibility to submit to the Department "a written report [of the public hearing] consisting of findings of fact and rulings on evidentiary matters." Upon receiving the undersigned's report, the Department must determine whether the instant application should be approved in accordance with Section 658.21, Florida Statutes, which provides as follows:
The department shall approve the application if it finds that:
Local conditions indicate reasonable promise of successful operation for the proposed state bank or trust company. In determining whether an applicant meets the requirements of this subsection, the department shall consider all materially relevant factors, including:
The purpose, objectives, and business philosophy of the proposed state bank or trust company.
The projected financial performance of the proposed bank or trust company.
The feasibility of the proposed bank or trust company, as stated in the business plan, particularly with respect to asset and liability growth and management.
The proposed capitalization is in such amount as the department deems adequate, but in no case may the total capital accounts at opening for a bank be less than
$4 million if the proposed bank is to be located in any county which is included in a metropolitan statistical area, or $2 million if the proposed bank is to be located in any other county. The total capital accounts at opening for a trust company may not be less than $2 million.
The department may disallow illegally obtained currency, monetary instruments, funds, or other financial resources from the capitalization requirements of this section.
The proposed capital structure is in such form as the department may require, but, at a minimum, every state bank or trust company hereafter organized shall establish:
Paid-in capital equal in amount to not less than 50 percent of its total capital accounts.
A paid-in surplus equal in amount to not less than 20 percent of its paid-in capital.
A fund to be designated as undivided profits equal in amount to not less than 5 percent of its paid-in capital.
The proposed officers have sufficient financial institution experience, ability, standing, and reputation and the proposed directors have sufficient business experience, ability, standing, and reputation to indicate reasonable promise of successful operation, and none of the proposed officers or directors has been convicted of, or pled guilty or nolo contendere to, any violation of s. 655.50, relating to the Florida Control of Money Laundering in Financial Institutions Act; chapter 896, relating to offenses related to financial institutions; or any similar state or federal law. At least one of the proposed directors who is not also a proposed officer shall have had at least 1 year direct experience as an executive officer, regulator, or director of a financial institution within 3 years of the date of the application. This requirement may be waived by the department if the applicant demonstrates that the proposed director has very substantial experience as an executive officer, director, or regulator of a financial institution more than 3 years before the date of the application. The proposed president or chief executive officer shall have had at least 1 year of direct experience as an executive officer, director, or regulator of a financial institution within the last
3 years.
The corporate name of the proposed state bank or trust company is reserved with the Department of State.
Provision has been made for suitable quarters at the location in the application.
criteria for approval have in Section 658.21, Florida Statutes, and whether a Conditional Final Order should be issued.
5 Rule 3C-105.103(1), Florida Administrative Code, provides as follows:
When required, the Department shall publish notice of receipt of each application in the Florida Administrative Weekly within 21 days of its receipt. The notice shall identify the applicant, the subject of the application, the proposed location of the requested license action (if appropriate), the date received, the time within which to request a public hearing, and reference to the rule describing procedures for requesting such a hearing.
6 A "major shareholder," as that term is used in Rule Chapter 3C-105, Florida Administrative Code, is defined (in Rule 3C- 105.001(7), Florida Administrative Code) as "any person subscribing to 10 percent or more of the voting stock or nonvoting stock which is convertible into voting stock of the proposed state financial institution."
| Issue Date | Document | Summary |
|---|---|---|
| Feb. 09, 2001 | Recommended Order | Report made in accordance with Section 120.80(3), Florida Statutes, of public hearing on application of foreign nationals to organize a new bank. |
