30.38.015 - Out-of-state bank without a branch in this state -- Options -- Director's approval required -- State reciprocity. - Washington Statutes

Out-of-state bank without a branch in this state — Options — Director's approval required — State reciprocity.

(1) An out-of-state bank that does not have a branch in Washington may, under this chapter, establish and maintain:

     (a) A de novo branch in this state; or

     (b) A branch in this state through the acquisition of a branch.

     (2) An out-of-state bank desiring to establish and maintain a de novo branch or to acquire a branch in this state shall provide written application of the proposed transaction to the director, accompanied by the fee prescribed by the director, not later than three days after the date of filing with the responsible federal bank supervisory agency for approval to establish or acquire the branch.

     (3) The director may not approve an application under subsection (2) of this section unless it is found that:

     (a) In the case of a de novo branch, the laws of the home state of the out-of-state bank permit Washington banks to establish and maintain de novo branches in that state under substantially the same, or at least as favorable, terms and conditions as set forth in this chapter; or

     (b) In the case of a branch established through the acquisition of a branch, the laws of the home state of the out-of-state bank permit Washington banks to establish and maintain branches in that state through the acquisition of branches under terms and conditions that are substantially the same, or at least as favorable, as set forth in this chapter.

[2005 c 348 § 3.]

Notes: Effective date -- 2005 c 348: See note following RCW 30.38.005.