Amendment/Restatement of Articles of Incorporation

The prior approval of OFI is required for a financial institution to amend or restate its articles of incorporation. A draft copy of the proposed amendment should be sent to OFI for approval. Banks, savings banks, and savings and loan associations should refer to LSA-R.S. 6:231-233, 1271-1275 and 721.

The filing fee is $250 and must accompany the proposed amendment. This fee includes the filing of the proposed amendment as well as the executed copy. However, it does not cover the filing fees with the local recorder of mortgages.

Once a proposed amendment is filed with this office, the filing will be acknowledged in writing. We will then review the amendment to ensure that it does not reduce capital below an amount necessary for the safe and sound operation of the bank, and does not violate any provisions of law or regulation. If the amendment complies with these requirements, this Office will then issue an approval letter which will allow for the amendment to then be presented to the shareholders for their vote. If the amendment is agreed to by the statutorily required number of shareholders, the institution will then file the executed amendment, in proper form, with this Office. After review, we will then issue a letter of acceptance for filing which will allow you to file with the local recorder of mortgages.

In an effort to eliminate duplicative filings and create a small cost savings to our state-chartered financial institutions, this Office successfully sponsored HBs 225 and 329 during the recently completed 2003 Legislative Session.  As a result, state-chartered financial institutions will no longer be required to file such items as amendments to articles of incorporation, merger documents, articles of share exchange, etc. with the LA Secretary of State.  Filings need only be made with this Office and your local Clerk of Court's office. 

If you have any questions, please contact Pam Skelton at (225) 925-4661 or pskelton@ofi.la.gov.