Jul 24, 201203:06 PMThe Tip Sheet
The latest in Memphis business news
Magna Bank Becomes Chartered by State
Memphis-based Magna Bank is now a state-chartered commercial bank because of an expansion in its offerings since 2007. The state charter, awarded by the Tennessee Department of Financial Institutions, also has led to the bank's inclusion in the Federal Reserve System.
Magna was previously chartered as a federal savings bank because of its residential and commercial real estate loans. But since '07 the bank has expanded into small-business lending, private banking, commercial banking, and a bigger retail presence.
The bank elected to become part of the Federal Reserve because of its new state-chartered status. This helps ensure compliance between federal and state banking regulations.