Maintaining Your Financial Integrity is Our Priority
At First State Bank, we pride ourselves on making the account opening process easy and efficient for business customers. When setting up a new business account, please ensure you have the appropriate documents on-hand to help expedite the process.
Corporations & LLCs:
- Articles of incorporation
- Corporate resolution
- Fictitious name registration (if applicable)
- Federal tax ID number
- LLC operating agreement
Sole Proprietors:
- Fictitious name registration
- Social Security Number or Federal Tax ID Number
- Personal identification
Partnerships:
- Partnership agreement
- Fictitious name registration (if applicable)
- Federal tax ID number
Not-For-Profit Organizations:
- Articles of incorporation
and by-laws - 501(C)(3) tax determination letter
- Fictitious name registration (if applicable)
- Federal tax ID number
- Organization resolution
Protecting Your Business Against Criminal Activity
First State Bank is in full compliance with the U.S. Treasury’s Bank Secrecy Act (BSA), which helps to stop criminals from laundering money or hiding illicit proceeds. Recently, some changes were made to the BSA and banks are now required to obtain specific information from the “beneficial owner” of certain types of businesses. Before opening a business account with First State Bank, a member of our team will determine if your account requires beneficial ownership documentation.
Depending on your business, at least one, but up to five beneficial owners may be required to open a new account. For more information, please contact us to set up an appointment with a banking professional who can guide you through this process.
When a beneficial owner opens a new business account, we’ll ask for proper identification.
