Regulatory Alerts2005-07-05 | ISGC-2005-008-DOBISGC-2005-008-DOB — Holding And Developing Branch Facilities In The Form Of Condominiums
The Washington State Department of Financial Institutions determined that a state-chartered bank may hold title to its branch facilities as a declared condominium under Washington state law. The regulator advised that while direct ownership is permissible, it is preferable for the bank to hold title through a subsidiary to manage the development and sale of condominium units. This structure is recommended to ensure safety and soundness while allowing the bank to retain its primary branch location.
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