Taking on a fledgling trade group, the American Bankers Association has begun offering a free service for subchapter S corporation banks.

The ABA's registry is open to member banks that have elected or are considering subchapter S status, a tax classification open to banks with fewer than 75 shareholders. An S corporation election, which was open to banks for the first time last year, allows banks to avoid federal income taxes by passing earnings directly to shareholders.

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