Regulatory Alerts2005-04-20 | ISGC-2005-003-DOBRetention of Savings in Name of Bank Upon Conversion to State Commercial Bank Charter
The Washington State Department of Financial Institutions issued an interpretation confirming that a state-chartered savings association may retain the word "Savings" in its name when converting to a commercial bank charter under Title 30 RCW. The Director determined that this retention is permissible under inter-charter parity provisions, finding that it serves the public interest by preserving the institution's reputation and does not disrupt fair competition with mutual savings banks. This ruling applies to the specific applicant but establishes that similar determinations may be made for other savings associations seeking comparable conversions.
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