Regulatory Alerts2010-08-20 | ISGC-2010-001-DOBISGC-2010-001-DOB — Advance Notice Of Change Of Control Under RCW 30.04.405 – When Unnecessary
The Washington State Department of Financial Institutions determined that Sterling Financial Corporation and Sterling Savings Bank are not required to file a Notice of Change in Control under RCW 30.04.405 for a proposed third-party equity investment. This exemption applies because the prospective investors will individually and collectively hold less than the twenty-five percent voting power threshold defined as control under RCW 30.04.400. The Division clarified that this interpretation applies to all similarly situated Washington State-chartered banks while noting that other statutory requirements and courtesy notice obligations remain in effect.
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