Newspaper article THE JOURNAL RECORD

Banking Bill Altered by House Committee/branch Provision Removed

Newspaper article THE JOURNAL RECORD

Banking Bill Altered by House Committee/branch Provision Removed

Article excerpt

A branch bankprovision was removed and an interstate banking provision altered in a banking bill passed Thursday by the Oklahoma House of Representatives Banking and Finance Committee.

Senate Bill 117, authored by Sen. Roy Boatner, D-Calera, and Rep. Benny Vanatta, D-Sapulpa, is sponsored by the Oklahoma Bankers Association. It now goes to the full House for consideration.

- The working draft of the bill, which Vanatta presented to the committee, lacked a provision in the version approved by the Oklahoma Senate on March 25. The provision would have allowed branch banks in counties with a population of 500,000 to be located within five miles of its main bank.

- In addition, an amendment presented by Vanatta changed a provision originally intended to place in-state and out-of-state banks on an equal footing in bidding to acquire failed in-state banks.

After the meeting, Vanatta said that it was his decision to remove the branch bank provision, which he noted has been discussed back and forth for the last few years.

Bob Harris, executive director of the bankers association, said his group would prefer the branch bank provision be returned to the bill due to its impact on Oklahoma County banks.

Much confusion remains about branch banking laws passed by the Oklahoma Legislature in 1983, he said. The branch bank provision initially placed in Senate Bill 117, he said, was to provide alternatives to where a branch may be located.

Present law states no more than two branches may be established within corporate city limits where the main bank is located or within 25 miles of the main bank in a city or town which has no state or national bank.

This has caused a problem in Oklahoma County, Harris said, where there are several small incorporated towns within metropolitan Oklahoma City, such as Nichols Hills and the Village. …

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