Besides other requirements, such a business is not permitted to contain in its name words such as bank, insurance, national, etc, unless it holds an appropriate license.
[2] Most state legislatures in the United States ban general corporations from accepting banker's deposits, which covers any service where a general corporation acts as a funds drawee that transfers current funds (i.e., credit payable upon demand) to make payments as a substitute for coins on behalf of an account holder.
If a bank wishes to perform any substantial fiduciary services, such as trust department services, or acting as a securities holding intermediary, then the bank must apply for an additional special license for trust powers.
Depending on the specifics of the bank charter, these licenses are available variously from FDIC, Federal Reserve Board of Governors, or state regulators.
Another option for such a bank is to create a State-chartered Trust Company and hold it as a subsidiary corporation.