Banking and Savings Institutions Frequently Asked Questions
How often are the shareholders of a bank required to meet?
A bank shall hold a meeting of shareholders annually at a time stated in or fixed in accordance with the banks bylaws. A bank may hold the annual shareholders meeting in or outside this state at the place stated in or fixed in accordance with the banks bylaws. If no place is stated or fixed in accordance with the banks bylaws, the bank shall hold the annual meeting at its principal office.
How many directors must a bank have?
A board of directors shall consist of 5 or more natural persons, with the number specified or fixed in accordance with the banks articles of incorporation or the banks bylaws.
Are there qualifications that must be met for a person to serve as a bank director?
The banks articles of incorporation or the banks bylaws may prescribe qualifications for directors. A director need not be a resident of this state or a shareholder of the bank unless the banks articles of incorporation or the banks bylaws so prescribe. A person who has been convicted of a crime against federal or state banking law may not be elected a director.
How often is the board of directors of a bank required to meet?
The board of directors of a bank shall meet at least once each calendar quarter. Many banks hold board of directors meeting on a monthly basis, and board of directors of some bank meet even more frequently than monthly.
How is the legal process against a state chartered bank served?
Under s. 221.1007, Wis. Stats., the legal process against a bank may be served upon the bank in the manner provided by law for service on other corporations organized under the laws of this state. Wisconsin corporations are served pursuant to s. 801.11 – 801.14, Wis. Stats.
How do I determine the registered agent of a Wisconsin state chartered bank?
Wisconsin state chartered banks are not required to have registered agents. You would serve the bank's president or chief executive officer at the main office location.
Who has regulatory authority over national banks, federal savings banks and federal savings and loan associations? Who do I contact if I have a complaint against a national bank, federal savings bank, or a federal savings and loan association?
National banks, federal savings banks and federal savings and loan associations are regulated by the Office of the Comptroller of the Currency (OCC).
Complaints against national banks, federal savings banks and federal savings and loan associations can be forwarded to the Customer Assistance Group (CAG):
OCC Customer Assistance Group
Hours: 8 a.m. - 8 p.m., Eastern, Monday-Friday
Mail: OCC Customer Assistance Group
1301 McKinney Street, Suite 3450
Houston, TX 77010
For additional questions:
Call the Banking Information Line: (608) 261-7578