Use of “Bank” or “Trust Company” in Name - Financial Regulation
Last reviewed/updated: May 18, 2023
Maryland law (Md. Code Ann., Fin. Inst. § 5-806), prohibits unauthorized representation as a bank to protect Maryland consumers and banks that are authorized to do business in Maryland.
A bank or trust company seeking to conduct interstate or intrastate business in Maryland must register or qualify to do business with the Maryland State Department of Assessments and Taxation (SDAT).
- If the bank or trust company intends to use “bank” or “trust company” in their name, they must request the Office of Financial Regulation’s (OFR) determination that it is a permissible use before registering or qualifying with SDAT.
- A bank holding company must request a determination of permissible use from the OFR, similar to a bank or trust company as described above. Generally, the OFR does not object to the use of "bancorp", "bancshares", or "bankshares" for a bank holding company proposing to incorporate in Maryland.
An entity with “bank” in its name that does not propose to do the business of banking or financial services should inquire with the OFR about seeking the Commissioner’s determination that the proposed use is permissible.
Submit a Request
The request should be in writing, in the form of a dated and signed letter, and must include:
- The specific name of the bank or trust company;
- The reason for the request;
- A description of the proposed activities the entity intends to conduct in Maryland;
- Whether the entity will have a physical presence (office) and/or employees located in Maryland; and
- Any additional information that may be helpful to the OFR.
To be submitted with the request:
- A certificate of good standing from the entity’s chartering authority
- A draft copy of the SDAT registration form
The request must be signed by a corporate officer of the financial institution who has the authority to enter this agreement on behalf of the financial institution.
- For questions about filing an application, contact Stephen Clampett, Assistant Commissioner, by phone at (410) 230-6104 or by email at email@example.com.
- Applications may be submitted to DLFRFinReg-LABOR@maryland.gov.
- Mailing Address:
Office of Financial Regulation
1100 North Eutaw Street, Suite 611
Baltimore, MD 21201
More information for depository institutions is available on the Banks, Credit Unions and Trust Companies page.
Laws, Rules, and Regulations
Banking institutions and credit unions are expected to be knowledgeable about and in compliance with Maryland banking laws, and any other applicable State and Federal laws, rules, and regulations. Maryland laws, rules, and regulations can be found by accessing the Annotated Code of Maryland and Rules and Code of Maryland Regulations (COMAR). Certain relevant Maryland laws, rules, and/or regulations include (NOTE: this is not a comprehensive list):
- Maryland Code, Financial Institutions Article, Title 5, Subtitle 8, Section 806 (Use of “Bank” or “Trust Company” in Name)