California Interstate Bill Moves out of Committee to Assembly

Hooper, Molly, American Banker

SAN FRANCISCO -- Over the objections of the California Bankers Association, an interstate banking bill has cleared the state Assembly's finance and insurance committee.

Assembly Bill 1492, written by Assemblyman Charles Calderon, chairman of the subcommittee on interstate banking, is backed by New York bank holding companies Citicorp and Chase Manhattan Corp. It is the first California interstate banking proposal to come out of committee since the question was first raised in the Legislature in 1979.

The bill would authorize an out-of-state bank holding company to acquire a California bank after Jan. 1, 1987, provided the California bank is state chartered, has been in operation for at least three years, has assets of no more than $200 million, and has the approval of California's superintendent of banks to be acquired. In …

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Publication information: Article title: California Interstate Bill Moves out of Committee to Assembly. Contributors: Hooper, Molly - Author. Magazine title: American Banker. Volume: 150. Publication date: May 23, 1985. Page number: 2+. © 2009 SourceMedia, Inc. COPYRIGHT 1985 Gale Group.

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