FINAL BILL REPORT

                   SB 6007

                           C 91 L 97

                      Synopsis as Enacted

Brief Description:  Eliminating the operating expenses limitation on mutual savings banks.

Sponsors:  Senators Winsley and Finkbeiner.

Senate Committee on Financial Institutions, Insurance & Housing

House Committee on Financial Institutions & Insurance

Background:  Mutual savings banks are limited by law to spending no more than 3 percent of average assets in any calendar year on operation and management expenses.  The limitation for smaller mutual savings banks, with under $500 million in deposits, is 6 percent of average assets.

Summary:  The statutory limitation is repealed.

Votes on Final Passage:

Senate 49 0

House     97 0

Effective:  July 27, 1997