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| TO: |
CHIEF EXECUTIVE OFFICER AND COMPLIANCE OFFICER |
| SUBJECT: |
Joint Final Rule to Prohibit Interstate Branching Primarily for Deposit Production
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Section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency
Act of 1994 requires the FDIC, the Federal Reserve Board and the Office of
the Comptroller of the Currency to issue the attached joint final rule
prohibiting any bank from establishing or acquiring a branch or branches
outside of its home state primarily for the purpose of deposit production.
The rule is effective October 10, 1997. Also attached is a press release
from the Federal Reserve Board announcing the final rule.
For further information, please contact Louise Kotoshirodo, Review Examiner
in the Division of Compliance and Consumer Affairs, at (202) 942-3599 or
Gladys Cruz Gallagher, Counsel in the Legal Division, at (202) 898-3833.
For information on the loan-to-deposit ratios, contact Don Inscoe, Associate
Director in the Division of Research and Statistics, at (202) 898-3940.
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Carmen J. Sullivan |
|
Director |
Attachments:
Federal Reserve Press Release of Sept. 5, 1997;
Federal Register, Vol. 62, No. 175, pp. 47728-47738
Distribution: FDIC-Supervised Banks (Commercial and Savings)
NOTE: Paper copies of FDIC financial institution letters may be obtained
through the FDIC's Public Information Center, 801 17th Street, N.W., Room 100,
Washington, D.C. 20434 (800-276-6003 or (703) 562-2200).
Electronic versions available on the FDIC web site at:
News, Events & FOIA
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