<html> <head> <title>Rule 20:07:10:06 Minimum capital requirement for a new bank.</title> <META NAME="Keywords" Content="Administrative Rules 20:07:10:06"> <META NAME="Description" Content="Administrative Rules 20:07:10:06 Minimum capital requirement for a new bank."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>20:07:10:06.&nbsp;&nbsp;Minimum capital requirement for a new bank.</b> The minimum total capital that will be approved for a newly organized bank is $600,000. The commission may require additional capital if the commission projects that the total capital will not equal or exceed eight percent of the total assets of the bank at the end of three years of operation.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 8 SDR 31, effective September 30, 1981; 12 SDR 151, 12 SDR 155, effective July 1, 1986.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-2-13">51A-2-13.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-3-4">51A-3-4.</A></p> </div> </body> </html>