FDIC Seeking Comment on New Handbook for De Novo Organizers Applying for Deposit Insurance — 2016-12-22

The Federal Deposit Insurance Corporation (FDIC) is seeking comment on a handbook developed to facilitate the process of establishing new banks. Applying for Deposit Insurance – A Handbook for Organizers of De Novo Institutions provides an overview of the business considerations and statutory requirements that de novo organizers will face as they work to establish a new depository institution and apply for deposit insurance. It offers guidance for navigating three phases of establishing an insured institution: pre-filing activities, the application process, and pre-opening activities. “De novo institutions add vitality to our local banking markets, providing credit and services to communities that may be overlooked by larger institutions,” FDIC Chairman Martin J. Gruenberg said. “This handbook is the latest in a series of steps we have taken to support the establishment of de novo institutions.