Regulatory Alerts2014-03-14
Added · Updated
State Banking Board: Purchase of an employee residence to facilitate a transfer
The North Dakota State Banking Board authorized Horizon Financial Bank to purchase the residence of a transferred employee to prevent a real estate market loss. This order permits state-chartered banks to acquire such properties under the same conditions as national banks, provided they document the expected loss and secure board approval. The bank must also comply with fixed asset limitations and maintain records demonstrating efforts for the orderly divestment of the property.
Topics
Share