In Brief: Maine Approves State's 2d Uninsured Bank

The Maine Bureau of Banking on Thursday approved Forum Financial Group's application to establish the state's second uninsured bank.

Maine modernized its banking law in 1997 to allow for uninsured banks, which are financial institutions that can not accept retail deposits but can engage in a variety of activities. Forum Trust and Sinclair Bank and Trust, the first to gain such uninsured bank status, are both in Portland.

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