Regulatory Alerts2003-04-01
Reciprocity Between Pennsylvania and Connecticut
The Pennsylvania Department of Banking issued a legal opinion confirming that Connecticut state-chartered and national banks may establish de novo branches in Pennsylvania. This permission is granted under Section 904 of Pennsylvania’s Banking Code, which requires reciprocity where Connecticut laws permit Pennsylvania banks to establish similar branches. The Department determined that Connecticut’s General Statutes Section 36a-412 imposes substantially the same terms and conditions as Pennsylvania’s regulations, thereby satisfying the reciprocity requirement.
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