Safe Deposit Company
Statutory requirements for the organization of a safe deposit company are contained in Article XV of the Banking Law. To assist you in meeting these requirements, we enclose material outlining the procedures to be followed and the information which incorporators should provide in a "Certificate of Merit" supporting an application.
Prior to the preparation of a formal application, an outline of the proposed business plan should be submitted to the Department of Financial Services. At a minimum, the outline should include the rationale for organizing the proposed institution, the market segment it expects to serve, the names and occupations of the incorporators, the name and experience of the candidate for the position of Chief Executive Officer, and the proposed capitalization. If available, financial projections should also be included.
Upon review of the plan, a Department of Financial Services representative will contact you to arrange a mutually convenient time to discuss the proposal.
Scope of subjects to be considered in evaluating the merits of a proposal to charter a safe deposit company:
- Information and Procedure/Certificate of Merit
- Organization Certificate (PDF)
- Questionnaire (PDF)
- Authority to release information form (PDF)
- Litigation affidavit (PDF)
- Fingerprinting Procedure
- Financial report (PDF)
- Financial statements for individuals owning 10% or more of proposed institution's capital stock (PDF)
- Affidavit of Payment of Capital Stock (PDF)
- Oath of Directors (PDF)
- Taxpayer ID Form (PDF)
Additional Safe Deposit Company Applications