Learn More: Director Eligibility Requirements

Eligibility requirements for directors vary from one chartering authority to another.  Some more commonly found requirements for directors include:

  • cannot have been convicted of a felony;
  • cannot have been prohibited from eligibility by a supervisory agency;
  • may have to own a minimum number of bank shares, often referred to as director qualifying shares;
  • may have to be a resident of the state in which the bank is chartered (state chartered banks only);
  • may have to live within a certain distance of the bank; and
  • may be required to take a director's oath of office.