§ 19-7-9 - Interstate branches. - Rhode Island Statutes

SECTION 19-7-9

   § 19-7-9  Interstate branches. – Upon obtaining the consent of the director or the director's designee, afinancial institution may establish a branch or branches outside of this stateand an out-of-state bank may establish a branch or branches within this state;provided that, in the case of an out-of-state bank, the law of the state inwhich it is principally located authorizes under conditions not substantiallymore restrictive than those imposed by the laws of this state, as determined bythe director or the director's designee, a financial institution to establish abranch in that state. The director or the director's designee shall approve anapplication for a branch if the applicant has satisfied the standards andfollowed the procedures set forth for the establishment of branches forfinancial institutions in addition to the requirements of this section.