Order Denies Trust Company of the Dakotas Organization Certificate

ND DFI News

Filed February 5th, 2026

Detected March 18th, 2026

Summary

The North Dakota Department of Financial Institutions has denied the application for an organization certificate for Trust Company of the Dakotas. The company is therefore not authorized to transact business as a trust company in the state.

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What changed

The Commissioner of the North Dakota Department of Financial Institutions, on behalf of the State Banking Board, has issued a final order denying the application for an organization certificate for Trust Company of the Dakotas. This denial means the proposed incorporators are not authorized to operate as a trust company within North Dakota, based on failure to meet statutory requirements concerning public need, business competency, and the character of proposed incorporators.

Regulated entities, particularly those seeking to establish new trust companies in North Dakota, should note this decision as an example of stringent review. The denial indicates that the State Banking Board will enforce strict adherence to North Dakota Century Code Chapter 6-05. No specific compliance deadline is mentioned, as this is an enforcement action against a specific applicant, but it serves as a precedent for future applications.

What to do next

Review North Dakota Century Code Chapter 6-05 for trust company formation requirements
Monitor future guidance or orders from the North Dakota Department of Financial Institutions regarding trust company applications

Penalties

Proposed incorporators are not authorized to transact business as a trust company in the State of North Dakota.

Source document (simplified)

Order of Denial of Application for Organization Certificate – Trust Company of the Dakotas

Thursday, February 5, 2026 - 04:11pm

Categories: Order The Commissioner of the North Dakota Department of Financial Institutions, acting on behalf of the State Banking Board, has issued an Order of Denial regarding the Application for an Organization Certificate for Trust Company of the Dakotas, Minot, North Dakota.

Under North Dakota Century Code Chapter 6-05, the formation of a trust company requires Board approval based on factors including public need, business competency, and the character and integrity of proposed incorporators.

After a hearing and review of testimony, exhibits, and public comments, the Board concluded that the Applicants failed to meet the requirements for a trust charter.

Accordingly, the Application for Organization Certificate for Trust Company of the Dakotas is denied. The proposed incorporators are not authorized to transact business as a trust company in the State of North Dakota.

More information is contained in the Findings of Fact, Conclusions of Law, and Order of Denial of Application.