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#1145901 - 03/16/09 09:15 PM Retention - BOD Minutes
Reed Offline
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Reed
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West Coast
I know that Board meeting minutes have a permanent retention period, but I was wondering if that is just the minutes or does it include the packet of supporting documentation (reports, presentations, etc.)?

Also, if a bank changes ownership are the minutes from the previous BOD to be retained by the current bank?

Thanks

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General Discussion
#1145999 - 03/17/09 12:18 PM Re: Retention - BOD Minutes Reed
Elwood P. Dowd Offline
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Any requirements for the retention of board minutes and ancillary documents will come from the laws of your state; a general answer could be wrong. Contact your state's bankers association or department of banking.
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#1146103 - 03/17/09 01:50 PM Re: Retention - BOD Minutes Elwood P. Dowd
John Burnett Offline
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Ken's reluctance to generalize is wise, but I do think a general statement can be made about the change of bank ownership -- the responsibility for retaining board minutes and other records is assumed by the acquiring entity. If there is no change in the entity, but ownership of the entity changes (as might be the case if closely-held stock is transferred), the entity's responsibility for the records continues unabated.
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#1146629 - 03/17/09 08:58 PM Re: Retention - BOD Minutes John Burnett
Reed Offline
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Reed
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Thank you!

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#2269909 - 05/02/22 04:37 PM Re: Retention - BOD Minutes John Burnett
ComplianceOK Offline
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Joined: Apr 2003
Posts: 14
Oklahoma
John, this is an old post, but I have a follow up to your response. You talk about the requirement to retain minutes if the entity is sustained, but what about the dissolved financial institution in an acquisition?

Thanks!

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#2270057 - 05/04/22 08:02 PM Re: Retention - BOD Minutes Reed
John Burnett Offline
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The acquiring institution purchases the acquired institution, and gets all of the ghosts in the acquired bank's closets. In general (state law could say otherwise), those old minutes still have to be maintained indefinitely. They don't have to be maintained in their dusty old faux leather bindings, though. You can scan them into your digital retention files.
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