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