Magazine article American Banker

Interstate Banking Is Coming Soon to Arizona, United Bancorp Head Says

Magazine article American Banker

Interstate Banking Is Coming Soon to Arizona, United Bancorp Head Says

Article excerpt

PHOENIX -- Interstate banking should reach Arizona within two years, United Bancorp chairman James P. Simmons told the annual meeting of shareholders here.

Mr. Simmons predicted that the Arizona legislature will approve some form of interstate banking next year and that it will be implemented in 1985 or 1986.

"I think we can say that interstate banking ... is rapidly approaching and might very likely be upon us with the next year or two," the United Bancorp, chieft executive told shareholders.

"The only question in our minds is how it should be phased in," he said. "It's very important that any changes be done in some kind of a reasonable time frame and be done with care. There are a lot of banks that could be hurt badly if it is not handled carefully."

Like many states, Arizona is studying ways to expand banking practices. Officials from United Bancorp and other banks have been testifying on proposed changes before the interstate banking study committee, which was formed last year by Gov. Bruce babbitt.

Hearings are expected to continue for a few months. When they conclude, the panel will make recommendations to the governor and lawmakers.

Mr. Simmons said United Bancorp, the holding company for United Bank of Arizona, favors "some kind of phase-in over a reasonable period of time, with some kind of reciprocity" allowing Arizona banks to enter states where banks entering Arizona have headquarters.

The Arizona Bankers Association has suggested that interstate banking begin with reciprocal arrangements with Colorado, New Mexico, and Utah. …

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