ESSB 5997 -
By Committee on Financial Institutions & Insurance
ADOPTED 04/07/2005
On page 11, after line 13, insert the following:
"NEW SECTION. Sec. 6 This act does not prohibit any merger of a
domestic stock savings bank, organized under Title 32 RCW, with any
out-of-state national bank having total assets of less than two hundred
million dollars that is directly, or indirectly through a registered
bank holding company, controlled, through ownership of the majority of
voting stock or otherwise, by residents of the state of Washington, if
an application for approval by the department of financial institutions
of the proposed merger has been submitted on or prior to the effective
date of this act."
Renumber the remaining section consecutively and correct the title.
EFFECT: A merger of a domestic stock savings bank and certain out- of-state national bank are not prohibited by the bill if the application for the merger is submitted on or before the bill becomes effective.