Banks and savings associations that are interested in applying for status as a qualified public depository (“QPD”) can click here to access the required application documents and related information.
If you prefer you may contact Donna Earnest of our staff at (850) 413-3381 or Donna.Earnest@MyFloridaCFO.com to request
that an application package be sent by email. The application materials must be filed in original form with our office.
Please note that an applicant must have an average financial condition ranking of 20 or more from two nationally recognized bank rating services for approval as a QPD. Our office uses IDC Financial Publishing, Inc. and FIS FedFis, LLC for such rankings. Ms. Earnest of our staff can inform you if your institution meets or exceeds this standard.
In addition, please note the following application issues:
QPD applicants must have their principal place of business in Florida or have a branch office in Florida that's authorized to accept deposits.
An applicant's board of directors must adopt several key resolutions as part of the application process. These resolutions involve the required contingent liability and collateral control agreements, an optional Federal Home Loan Bank letters of credit agreement, and the identification of an applicant’s authorized signers.
All QPDs share contingent liability in Florida's public deposits program in the event of a QPD failure. Florida has an outstanding record in the administration of its public deposits program and has never made an assessment on other QPDs.
Florida's public deposits program includes minimum required collateral ("MRC") of $100,000 even if a QPD holds no Florida public deposits.