Regulatory Alerts2026-01-22 | Conditional Approval 1361Added
Conditional Approval 1361 — Application to Charter UKG National Trust Bank, Branchburg, NJ
The OCC grants preliminary conditional approval to charter UKG National Trust Bank in Branchburg, New Jersey, limiting its operations to fiduciary activities under 12 USC 92a and 12 CFR 5.26. The bank must maintain initial paid-in capital of at least $10 million and satisfy specific tier 1 capital and liquidity requirements during its first three years of operation. Final approval and authorization to open are contingent upon meeting all pre-opening requirements, including raising capital within 12 months and commencing business within 18 months. The approval is subject to conditions regarding business scope, significant operational changes, senior executive appointments, and parent company financial reporting.