§ 4–208
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 4-208 (2026)
Title 4. Banking Institutions -- Savings Banks
Subtitle 2. Formation and Powers
§ 4–208LinkCopy Citation
(a)
Before the Commissioner issues a certificate to do business, a savings bank shall have an initial guaranty fund that equals at least:
(1)
The minimum amount of capital stock required for formation of a commercial bank in the municipal area of the proposed savings bank; and
(2)
Any greater amount that the Commissioner determines is necessary to keep the savings bank solvent.
(b)
(1)
Before a savings bank establishes a branch, the savings bank shall have a guaranty fund as provided in this subsection.
(2)
For a branch that is to be located inside the municipal area of the principal banking office of the savings bank, the savings bank shall have a guaranty fund of not less than 5 percent of its total deposits.
(3)
For a branch that is to be located outside the municipal area of the principal banking office of the savings bank, the savings bank shall have a guaranty fund of not less than the sum of:
(i)
5 percent of its total deposits; and
(ii)
The minimum capital and surplus that is required for formation of a commercial bank in the municipal area of the proposed branch.