Regulatory Alerts1998-04-22
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Approval of Rhode Island Trust Company as Foreign Fiduciary in Pennsylvania
The Pennsylvania Department of Banking approved a Rhode Island state-chartered trust company to act as a foreign fiduciary in Pennsylvania under an Indenture of Trust. The approval was granted based on reciprocal regulatory conditions between Pennsylvania and Rhode Island as required by section 106(b) of the Pennsylvania Banking Code of 1965. The letter explicitly states that this approval does not constitute legal authorization for the entity to establish a physical place of business within the state.
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