BANK CHARTER – MANAGERIAL

Steps Necessary To Organize A New State Bank

The following are the general requirements and steps necessary to organize a new (de novo) state chartered bank. The fact situations about each potential bank vary from applicant to applicant depending on the location of the proposed bank, the size and scope of your proposed operations, the costs of your main banking premise, the proposed business plan and market strategy for the bank, the experience of the banks proposed management and the services that the bank plans to offer. We encourage individuals or groups that are interested in organizing a state bank to contact our Corporate Applications Section at (312) 793-3000 for assistance in completing your application.

The statutes governing the organization of state banks are found in Sections 7 through 16 of the Illinois Banking Act, 205 ILCS 5/7 – 16.

Persons wishing to form a state chartered bank must submit a completed application to the Secretary’s office, including completed biographical and financial statements of each of the incorporators, management and directors of the proposed bank. A non-refundable application fee must accompany the application.

The Capital Requirements are as follows*:$6,000,000 for a bank that is located in Chicago’s central business district$4,000,000 for a bank that is located in the Chicago metropolitan area$3,000,000 for a bank that is located outside of the Chicago metropolitan area. Please note these are minimums and a greater amount may be required by the Secretary if the bank’s proposed size and scope of operations should warrant.

A state bank in organization requires 5 or more incorporator/organizers. A state bank may organize as a limited liability company. A state bank must have at least 5 directors and not more than 25 directors. Proposed management must consist of a President, Senior Lender and Cashier all with significant banking experience. All proposed incorporators, directors and management must submit background and financial information and undergo a fingerprint check through the Illinois State Police and Federal Bureau of Investigation. The findings required of the Division of Banking prior to issuance of a Permit to Organize are: the proposed capital at least meets the minimum requirements; future earnings prospects are favorable; the general character, experience and qualifications of its proposed management and its proposed plan of operation assures reasonable promise of successful, safe and sound operation; the name of the proposed bank is not the same as or deceptively similar to the name of any other bank; and the convenience and needs of the area to be served will be promoted.

The processing time by the Division of Banking is approximately 60 days from the date of acceptance of an Application for a Permit to Organize a State Bank. The review is conducted by the District Supervisor for the bank’s proposed location in conjunction with the Corporate Applications Section. Banks may begin operations in temporary facilities (bank trailers, etc.) until such time as their permanent headquarters is built. A bank has six months from the date the permit to organize is issued (allowing them to sell subscriptions of stock) until they must have raised the money, hold a subscribers meeting, and an organizational meeting. Evidence of this must be presented to the Secretary within the six month period. The Secretary can grant a 6 month extension on this date. A bank has one year to commence business from the date the bank has been issued a charter. All banks must apply for and receive deposit insurance from the Federal Deposit Insurance Corporation.

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Education Verification - Verifies a candidate's certifications or educational claims


Employment Verification - Employment verification can confirm that a candidate brings the work experience they claim on their resume.


Live Scan Fingerprinting - Inkless technology that sends digitized data to the State Police and/or the FBI.


Motor Vehicle Records  -  A Motor Vehicle Report background check provides information about a candidates driving history, accidents, traffic violations, license suspensions and vehicular crimes.


National/State Criminal Records - Provides instant searches from its database of Criminal Records covering the most populated states. These databases are maintained and updated regularly from records acquired from government agencies. There are over 700 million criminal records available. Each database contains felony convictions.


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SSN Trace - Search the Social Security Number of an applicant or potential employee or tenant. Protect against fraud and identity theft!  Our SSN Trace enables you to obtain identifying information for social security numbers from the nation's largest and most accurate information sources available. Trace reveals name, date of birth, other names and DOB's associated with the SSN, current address, previous addresses, counties lived in, SSN's validity and deceased check. You have the advantage of checking your records for SSN validity, identifying numbers that have never been issued and those assigned to persons reported deceased before searching other databases for other information.


Sex Offenders (with pictures) - Each state is required to maintain and regularly update current addresses on persons convicted of sex-related offenses since 1994, including aggravated sexual assault, sexual assault, aggravated criminal sexual contact, kidnapping and various other violent crimes against children. These records generally show the offender's name, date of birth or age, description of offense and last registered address. You can search by name, name and date of birth, city, state or by zip code. Coverage includes all 50 states and most have pictures.

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SSN Verification

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SSN Trace

National Criminal Record Trace

Cost for Package: $18.95

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SSN Verification

Sex Offender Search

SSN Trace

National Criminal Record Trace

Verification of Employment

Statewide Search

Cost for Package: $49.99

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SSN Verification

Sex Offender Search

SSN Trace

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(limit of search: 1 county)

Cost for Package: $79.99

Background Information Data Submission

Please use the below fields to submit the information required for conducting a background check. To use this tool, you must first be registered as a client and assigned a client account number. Prior to performing the check an invoice will be emailed to you, and payment by credit card must be completed. Please see our Terms & Conditions for complete information.

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Basic Package

SSN Verification

Sex Offender Search

SSN Trace

National Criminal Record Trace

Cost for Package: $18.95

Intermediate Package

SSN Verification

Sex Offender Search

SSN Trace

National Criminal Record Trace

Verification of Employment

Statewide Search

Cost for Package: $49.99

Advanced Package

SSN Verification

Sex Offender Search

SSN Trace

National Criminal Record Trace

Verification of Employment

Verification of Education

Verification of Profession Credentials

Statewide Search

County Search

(limit of search: 1 county)

Cost for Package: $79.99

More Service Details

Bankruptcies - Our Bankruptcy Filings search covers all filings from US Bankruptcy courts. Filings are updated daily. Types of cases represented: Chapter 7, 9, 11, 12, 13 Schedule 341/Trusteeship.


Criminal Background Check - Our criminal record check may search national, federal, state, and county databases to provide information about a candidate’s criminal history.


E-Verify - Verifies the legal status and employment eligibility of a potential employee.


Education Verification - Verifies a candidate's certifications or educational claims


Employment Verification - Employment verification can confirm that a candidate brings the work experience they claim on their resume.


Live Scan Fingerprinting - Inkless technology that sends digitized data to the State Police and/or the FBI.


Motor Vehicle Records  -  A Motor Vehicle Report background check provides information about a candidates driving history, accidents, traffic violations, license suspensions and vehicular crimes.


National/State Criminal Records - Provides instant searches from its database of Criminal Records covering the most populated states. These databases are maintained and updated regularly from records acquired from government agencies. There are over 700 million criminal records available. Each database contains felony convictions.


SSN Validation - Provides instant verification of when and where the SSN was issued.


SSN Trace - Search the Social Security Number of an applicant or potential employee or tenant. Protect against fraud and identity theft!  Our SSN Trace enables you to obtain identifying information for social security numbers from the nation's largest and most accurate information sources available. Trace reveals name, date of birth, other names and DOB's associated with the SSN, current address, previous addresses, counties lived in, SSN's validity and deceased check. You have the advantage of checking your records for SSN validity, identifying numbers that have never been issued and those assigned to persons reported deceased before searching other databases for other information.


Sex Offenders (with pictures) - Each state is required to maintain and regularly update current addresses on persons convicted of sex-related offenses since 1994, including aggravated sexual assault, sexual assault, aggravated criminal sexual contact, kidnapping and various other violent crimes against children. These records generally show the offender's name, date of birth or age, description of offense and last registered address. You can search by name, name and date of birth, city, state or by zip code. Coverage includes all 50 states and most have pictures.