Become a Public Depositary

Requirements and process for financial institutions to become an eligible public depository

Requirements to Become a Public Depository

Any financial institution [national or state chartered commercial bank or trust company, savings bank, savings association, or credit union, or their branch(es), located and lawfully operating in Washington] may become a public depositary upon approval by the commission and subject to compliance with all rules and policies adopted by the commission. A public depositary must pledge and segregate eligible collateral in an amount established by the commission by rule or noticed resolution. See chapter 39.58 RCW, chapter 389-12 WAC, and PDPC resolutions for requirements.


  • Submit an application letter with certificates of authority.
    • If your financial institution is planning on pledging securities as collateral provide proof of meeting meetings of the directors or loan committees approval to enter into a depositary pledge agreement.
  • The commission will review your application and financial information.
  • The Chair of the commission, under authority delegated by resolution, will approve or deny your application.