221.1202 Bank-owned banks.
(1) Establishment and ownership. The division may authorize the establishment of, and issue a charter to, a bank, all of the stock of which is owned by 2 or more depository institutions or depository institution holding companies. Notwithstanding any other requirement of this section, the division may authorize, by rule, up to 10 percent of the stock to be held by other persons to accommodate operational needs of the bank.
(2) Status and powers. A bank established under sub. (1) is a state bank chartered under this chapter for all purposes, except that its functions are limited solely to doing the following:
(a) Providing banking and banking-related services to or for depository institutions, subsidiaries of depository institutions, depository institution holding companies, subsidiaries of depository institution holding companies and directors, officers and employees of other depository institutions.
(b) Providing correspondent banking services at the request of other depository institutions or depository institution holding companies, and to depository institution trade associations.
(3) Stock issuance. A bank established under sub. (1) may authorize and hold authorized but not issued stock.
History: 1995 a. 336.