September 6, 2019
Hunton Andrews Kurth LLP served as legal counsel to AmeriNational Community Services (AmeriNat) in its refiling of an industrial bank charter with the state of Nevada and the Federal Deposit Insurance Corporation (FDIC). Founded in 1975, AmeriNat services more than $12 billion of loans and $126 million in deposits for approximately 300 city, county, state, and NGO clients (including over 100 Habitat for Humanity affiliates) in 47 states and Puerto Rico. AmeriNat is a subsidiary of the Minnesota asset management firm O'Brien-Staley Partners.
If approved by the FDIC, AmeriNat would become the first company to obtain an industrial bank charter since 2005. Created in the early 1900s and currently only chartered by a few states, industrial banks must comply with federal safety and soundness and consumer protection laws applicable to FDIC-insured banks. In exchange, an industrial bank is granted a state charter and access to federal deposit insurance, while its parent is not deemed to be a bank holding company.
The Hunton Andrews Kurth team advising AmeriNat was led by partner Peter Weinstock with assistance from counsel Carleton Goss.