Magazine article American Banker

Pennsylvania Banking Chief Says He'll Stand Firm against Jersey Bank Move

Magazine article American Banker

Pennsylvania Banking Chief Says He'll Stand Firm against Jersey Bank Move

Article excerpt

PHILADELPHIA -- Pennsylvania Banking Secretary Ben McEnteer says officials of the Bank of New Jersey, Moorestown, N.J., have requested a meeting with him to discuss relocating their firm in downtown Philadelphia. But he says they won't be able to persuade him to drop his opposition to the move.

The Bank of New Jersey is a national bank subsidiary of Horizon Bancorp, Morristown, N.J. In its effort to move its Moorestown bank over the state line, Horizon is relying on a national banking rule that allows a bank to relocate within 30 miles of its home office. Moorestown is about a dozen miles from Philadelphia.

Mr. McEnteer was interviewed at the annual convention of the Pennsylvania Bankers Association, which was held here on Monday and Tuesday. He has stated previously that under the Pennsylvania Banking Code, only a Pennsylvania bank holding company can own a Pennsylvania institution.

Pennsylvania has a "legitimate reason" to protest to the Comptroller of the Currency and the Federal Reserve Board, he said, although he conceded that the constitutionality of the federal provision has never been tested.

Mr. McEnteer said officials of the Bank of New Jersey had requested a meeting with him this week.

The Pennsylvania banking secretary said that he has asked Kansas banking regulators for information about litigation there against the relocation of a Missouri unit of Mark Twain Bancshares over the state line and into Kansas, within the 30-mile limit. That move was approved by the Comptroller of the Currency. …

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