SENATE BILL REPORT

SB 5108

BYSenators Fleming, McDermott, Rasmussen, Metcalf and Deccio

Delaying the effective date of interstate banking laws.

Senate Committee on Financial Institutions

Senate Hearing Date(s):January 22, 1987

Senate Staff:Stephanie Yates (786-7416)

AS OF JANUARY 21, 1987

BACKGROUND:

In 1985, legislation was enacted which authorizes interstate banking in Washington beginning July 1, 1987.  Conditions precedent to acquisitions across state lines are:  (1) The home state of the acquiring bank holding company must permit acquisitions of banks in that state by Washington bank holding companies; and, (2) the Washington bank, trust company, or national banking association to be acquired must have been conducting business for a period of not less than three years.

SUMMARY:

Commencement of interstate banking in Washington is delayed from July 1, 1987 to July 1, 1989.

Fiscal Note:      none requested

Effective Date:July 1, 1989