The rise in non- U. S. interests in Florida banking has been dramatic. The activity has taken two forms: first, the takeover of state and national banks and, in one case, the start of a new national bank (see Table 14); and second, the entry of existing, established foreign banks into Miami (see Table 15). It is necessary to distinguish between these two groups. The first participates in domestic banking; the second, by Florida law, cannot do so.
As of 1976, eleven states specifically permitted a foreign bank to establish a "banking office" to conduct a banking business within the state. Florida was not one of them. 1 In 1972, Georgia had passed a law allowing non-U. S. banks to set up offices to conduct international business. The Georgia act authorized an international banking corporation to conduct a general banking business through its agency "in like manner as other banks chartered under the laws of Georgia, except that no such corporation or agency may make loans, receive deposits, or exercise fiduciary powers [trustee functions]." 2 In 1976, Georgia removed the restriction on loans. 3 In May 1977 Florida passed the Firestone- Bloom bill, modeled after the Georgia law (except that it may be more restrictive). The Florida legislation states that an international banking corporation "is authorized to transact only such limited business in this state as is clearly related to and is usual in international or foreign business and financing international commerce. No such international banking corporation shall exercise