Banking is a private business with a public purpose. Unlike businesses that are easily established, a person cannot decide to open a new bank. Banking requires a special permit, called a charter. After exhaustive investigation, charters may be granted by a state banking agency such as the Alabama Banking Department or by the Office of the Comptroller of the Currency. The former are known as state-chartered banks, the latter as national chartered ones. The overwhelming majority of banks headquartered in Alabama — by number and assets — are state chartered. All banks have to provide deposit insurance for their depositors...

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