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Use of “Bank” or “Trust Company” in Name - Financial Regulation

Last reviewed/updated: August 1, 2024

Maryland law (Md. Code Ann., Fin. Inst. § 5-806), prohibits unauthorized representation as a bank to protect Maryland consumers, banks and trust companies that are authorized to do business in Maryland.

An out-of-state bank or trust company seeking to conduct interstate or intrastate business in Maryland must register or qualify with the Maryland State Department of Assessments and Taxation (SDAT) to do business in Maryland.

  • If a bank or trust company intends to use the words “bank” or “trust company” in its corporate name when registering or qualifying with SDAT, it must request of the Office of Financial Regulation (OFR) a determination that it is permissible to use the proposed corporate name before registering or qualifying with SDAT.
  • A bank holding company must also request a determination of permissible corporate name use from the OFR. The OFR does not generally object to the use of "bancorp", "bancshares", or "bankshares" for a bank holding company proposing to incorporate, register, or qualify 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

An out-of-state bank or trust company’s request to register or qualify with a corporate name as described above should be in the form of a dated and signed letter submitted to the OFR. The letter must include:

  • The specific name of the bank or trust company as used in its state of formation;
  • The reason for the request to register or qualify with SDAT with “bank” or “trust company” in the corporate name;
  • A description of the proposed activities the out-of-state bank or trust company intends to conduct in Maryland;
  • Whether the bank or trust company will have a physical presence (office) and/or employees located in Maryland;
  • Any additional information that may be helpful to the OFR; and
  • A certificate of good standing from an out-of-state bank or trust company’s chartering authority must be attached to the request letter.

The request must be signed by a corporate officer of the bank or trust company who has the authority to submit this request on behalf of the bank or trust company.

The request letter and supporting documents should be submitted by email in PDF format to Stephen Clampett, Assistant Commissioner, at stephen.clampett1@maryland.gov.

Contact

More information for depository institutions is available on the Banks, Credit Unions and Trust Companies page.

Application Form


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):