Insurance of State Banks Chartered as Limited Liability Companies

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One of the statutory requirements for a State-chartered bank to be eligible for Federal deposit insurance is that it be "incorporated under the laws of any State." In the recent past the FDIC has received two inquiries regarding whether a State bank that is chartered as a limited liability company (LLC) could be considered to be "incorporated" for purposes of that requirement. The FDIC proposes to issue a regulation that would clarify that a bank that is chartered as an LLC under State law would be considered to be "incorporated" under State law if it meets certain criteria.