Regulatory Alerts2007-07-11
Alabama State Banking Department Memorandum on De Novo Branching into Other States
The Alabama State Banking Department issued a memorandum to state-chartered trust companies announcing legislative amendments that permit de novo branching into other states with reciprocity provisions. The document outlines that institutions must follow enclosed branch procedures to handle correspondence with target states and notes that branching is currently limited to twenty-three specific states. This regulatory update supersedes previous policies and provides a list of eligible states to facilitate expansion into new retail markets.
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