A state bank is generally a financial institution that is chartered by a state. It differs from a reserve bank in that it does not necessarily control monetary policy (indeed, the state in question may have no legal capacity to create monetary policy), but instead usually offers only retail and commercial services.
A state bank that has been in operation for five years or less is called a de novo bank.
Read more about State Bank: United States, Australia, List of State Banks
Famous quotes containing the words state and/or bank:
“Being the dependents of the general government, and looking to its treasury as the source of all their emoluments, the state officers, under whatever names they might pass and by whatever forms their duties might be prescribed, would in effect be the mere stipendiaries and instruments of the central power.”
—Andrew Jackson (1767–1845)
“Denouement to denouement, he took a personal pride in the
certain, certain way he lived his own, private life,
but nevertheless, they shut off his gas; nevertheless,
the bank foreclosed; nevertheless, the landlord called;
nevertheless, the radio broke,
And twelve o’clock arrived just once too often,”
—Kenneth Fearing (1902–1961)