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Texas Finance Code - FIN § 92.056. Corporate Name

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The name of a savings bank must include the words “State Savings Bank” or the abbreviation “SSB,” preceded by one or more appropriate descriptive words approved by the commissioner.

(b) The commissioner may not approve the incorporation of a savings bank that has the same name as another financial institution authorized to do business in this state under this subtitle, Subtitle A, or Subtitle B or a name so nearly resembling the name of another financial institution as to be calculated to deceive unless the savings bank is formed:

(1) by the reincorporation, reorganization, or consolidation of the other financial institution;  or

(2) on the sale of the property or franchise of the other savings bank.

(c) A person that is not a state or federal savings bank may not do business under a name or title that:

(1) contains the words “savings bank”;

(2) indicates or reasonably implies that the business being done is the type of business carried on or transacted by a savings bank;  or

(3) is calculated to lead a person to believe that the business being done is the type of business carried on or transacted by a savings bank.

(d) On application by the commissioner or a savings bank, a court may enjoin a violation of this section.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 92.056. Corporate Name - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-92-056/

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