Federal regulation requires all banks to obtain the name, address, date of birth, social security number, and a copy of an identifying document for each individual owning, either directly or indirectly, 25% or more of the equity interest in a legal entity customer, and the same information and documentation for an individual with authority to direct and control the legal entity. The purpose is to increase transparency regarding the ownership of legal entities. This information is not collected by the Secretary of State at the time of formation.
Federal regulation requires the bank to obtain this information each time the legal entity opens a new account (deposit, loan or safe deposit box), including the renewal of a loan or certificate of deposit (CD). That means we will need to obtain this information and documentation from you many times over the life of your relationship with First Federal Community Bank. We apologize for any inconvenience, and sincerely appreciate your cooperation.
Below is a link to the form we use to collect the required information and certification of beneficial owners, and "General Instructions" providing definitions, examples and additional information. Please complete the fillable PDF document and bring a current copy with you each time you visit to open or renew accounts.