What is the entire process (to include required forms, licensing,
education, certifications, etc.) for a woman seeking to both qualify
and apply for licensing as a "Women's-owned Bank" in the state of Missouri?

Hi Hawkeye1!

Establishing a bank anywhere is a long, detailed process.  Let's start
with general, basic information before moving on to specifics for the
State of Missouri.

One of my favorite sources of information, HowStuffWorks.com, offers a
solid summary of the bank establishment process.  I've provided
excerpts below:

"Just as with any business, you'll first have to make some
pre-planning decisions -- like who your partners (called the
organizing group) will be. You'll also have to write a business plan.
All of these things will be taken into consideration when you apply
for a state or federal charter."

[...]

"The organizing group has to identify directors, a chief executive
officer (who usually has to have past experience running a bank) and
other executives. The integrity, past business histories and credit
histories of these people will greatly affect the acceptance or denial
of the bank's charter. The important thing is to carefully select
these partners and make sure they are team players, have the
experience and know-how to help you make the bank work, and can
withstand (both professionally and personally) the close scrutiny of
the regulatory investigation."

[...]

"These partners have to put up money as an initial offering that shows
their level of commitment and helps get the bank going."

[...]

"The location of your bank is also a very important decision. You have
to do some market research to determine how well a new bank will do in
a particular area, or where the best spot in a large geographic region
might be. This information is also required for your application for a
charter."

How Banks Work
http://www.howstuffworks.com/bank3.htm

Once you've chosen your directors and location, and the directors have
put up the required sum, it's time to raise your capital to get the
bank going.  How much capital will be required is dependent both upon
state laws and your new bank's situation:

"The capital requirements to start a bank often vary greatly from
state to state. In Florida, the suggested capital requirement is $6
million for a bank in a metropolitan area and $4 million for a bank in
a rural area. In other states, such as New York, that amount might be
$10 million or more for metropolitan areas. Those capital requirements
are usually determined by your strategic plan and pro forma financial
statements for the market you've selected."

How Banks Work
http://www.howstuffworks.com/bank3.htm

Once you've established your board of directors, gathered
shareholders, chosen your location and raised your capital, you're
ready to apply for your charter.  There is quite a long list of
information required to be on your application for a charter - the
information appears near the bottom of the page noted above.

I spoke with Debbie in the Missouri Division of Finance office today
to get specifics for you.  She said that it doesn't matter if the bank
is "women owned" or owned by anyone else, the procedures for
establishing a bank are the same for everyone.  No special education
is required, but it is helpful to have some background in banking and
finance, especially among your board of directors.

Missouri Division of Finance

Harry S Truman State Office Building, Room 630
P. O. Box 716
Jefferson City, Missouri 65102
573-751-3242
573-751-9192 (fax)
e-mail to: finance@ded.state.mo.us 
On the Web:  http://www.missouri-finance.org/

She confirmed that the procedure outlined at HowStuffWorks is
accurate, and recommends that you contact the Division of Finance for
details for your specific needs.  Several meetings will be required
throughout the process of establishing your bank.

To get started, you'll need the application for a charter:

Bank Charter
http://www.ded.state.mo.us/regulatorylicensing/divisionoffinance/pdfs/charterapplication.pdf

The entire process for establishing a state chartered bank is
described in this 40 page document.

Review the document, gather your organizers, and arrange a meeting
with the Division of Finance.  The representative will go over the
entire process with you in detail *before* you fill out the paperwork.
 (You *must* have your shareholders already committed to the project.)

From there, complete your paperwork, and follow all instructions given
to you by the representative.

Good luck!  I hope the process is smooth and trouble free for you!


--Missy