5.105.020 Definitions.
In this chapter, the following terms have the meanings indicated:
(a) “Certificate of Deposit Account Registry Service (CDARS)” means a U.S. for-profit service that breaks up large deposits (from individuals, companies, nonprofits, public funds, etc.) and places them across a network of more than 3,000 banks and savings associations around the United States.
(b) “Community bank” means a depository institution:
(1) That is operated in Prince George’s or Montgomery County;
(2) That focuses on the needs of the businesses and families where the bank holds branches or loan production offices; and
(3) The aggregate size of the community bank is less than $15 billion.
(c) “Insured demand deposit” or “IDS” means a depository institution:
(1) From which deposited funds can be withdrawn at any time without advance notice;
(2) That provides FDIC protection for the full amount of the deposit; and
(3) That offers a competitive investment yield.
(d) “Loan production office” means an administrative division of a bank that is focused solely on processing loan requests but does not receive deposits.
(e) “Local business” means:
(1) A company which provides goods or services to residents or businesses located in Prince George’s or Montgomery County; and
(2) Is either a locally owned business (including a franchise) or a corporate branch operating within the two counties.
(f) “North American Industry Classification System (NAICS)” means the standard used by federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy. (Res. 2023-2353; Res. 2022-2296; Document dated July 1, 2021; FIN-FI-2018 § II)