Use Of The Word "Banc" - Q4 1999

By the Division of Banks

Regarding use of the word "Banc" in the name of the wholly owned subsidiary of a Wisconsin state-chartered institution, Massachusetts General Laws chapter 167, section 37, entitled, "Unauthorized banking", prohibits, among other things, a domestic or foreign corporation or individual, partnership or association from transacting business in the Commonwealth under any name or title which contains the words "bank", "banking", or "bankers". The purpose of said section 37 is to prohibit unauthorized entities from engaging in the business of banking in the Commonwealth and to avoid any confusion on part of consumers as to whether a particular entity is authorized to conduct banking business. It is the position of the Division that the use the name "banc" does not fall within the prohibitions set forth in said chapter 167, section 37, and therefore, the Division has no objection to the use of this name.