Regulatory Alerts1998-04-06
Conditional Approval for Ohio State-Chartered Bank to Act as Fiduciary in Pennsylvania
The Pennsylvania Department of Banking issued conditional approval for an Ohio state-chartered bank to act as a fiduciary in Pennsylvania under Section 106 of the Banking Code. This approval is contingent upon the bank providing documentation evidencing its formal appointment as executor under the relevant Last Will and Testament. The Department explicitly stated that this authorization does not permit the establishment of a physical office in Pennsylvania and outlined specific requirements for the dissolution of a related Pennsylvania entity.
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