Frequently Asked Questions

How often are the shareholders’ of a bank required to meet?

A bank shall hold a meeting of shareholders annually at a time stated in or fixed in accordance with the bank’s bylaws. A bank may hold the annual shareholders’ meeting in or outside this state at the place stated in or fixed in accordance with the bank’s bylaws. If no place is stated or fixed in accordance with the bank’s bylaws, the bank shall hold the annual meeting at its principal office.

How many directors must a bank have?

A board of directors shall consist of 5 or more natural persons, with the number specified or fixed in accordance with the bank’s articles of incorporation or the bank’s bylaws.

Are there qualifications that must be met for a person to serve as a bank director?

The bank’s articles of incorporation or the bank’s bylaws may prescribe qualifications for directors. A director need not be a resident of this state or a shareholder of the bank unless the bank’s articles of incorporation or the bank’s bylaws so prescribe. A person who has been convicted of a crime against federal or state banking law may not be elected a director.

How often is the board of directors of a bank required to meet?

The board of directors of a bank shall meet at least once each calendar quarter. Many banks hold board of directors’ meeting on a monthly basis, and board of directors of some bank meet even more frequently than monthly.