Order of Denial of Application for Organization Certificate – Trust Company of the Dakotas

The Commissioner of the North Dakota Department of Financial Institutions, acting on behalf of the State Banking Board, has issued an Order of Denial regarding the Application for an Organization Certificate for Trust Company of the Dakotas, Minot, North Dakota.

Under North Dakota Century Code Chapter 6-05, the formation of a trust company requires Board approval based on factors including public need, business competency, and the character and integrity of proposed incorporators.

After a hearing and review of testimony, exhibits, and public comments, the Board concluded that the Applicants failed to meet the requirements for a trust charter.

Accordingly, the Application for Organization Certificate for Trust Company of the Dakotas is denied. The proposed incorporators are not authorized to transact business as a trust company in the State of North Dakota.

More information is contained in the Findings of Fact, Conclusions of Law, and Order of Denial of Application.