Regulatory Alerts2005-05-13 | ISGC-2005-006-DOBWashington State Department of Financial Institutions Reciprocity Interpretation for Tennessee Bank Branching
The Washington State Department of Financial Institutions issued an interpretation confirming that a Tennessee bank may establish or acquire branches in Washington State under new reciprocity laws. This authority is granted because Tennessee's branching statutes are deemed substantially similar to or more favorable than Washington's requirements for domestic banks. The bank must satisfy all standard technical requirements and provide a legal opinion demonstrating that Tennessee's branching conditions meet this reciprocity standard.
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