AR SB422

State banks required to file Securities Exchange Act reports or with registered equity securities may repurchase their shares of capital stock when approved by the Bank Commissioner.

State banks may issue preferred stock upon approval by the board of directors and Bank Commissioner without requiring articles of incorporation amendments.

State banks may issue subordinated indebtedness with Bank Commissioner approval, with capital notes callable within 20 years and other subordinated indebtedness within 30 years.

Shareholders of state banks required to file Securities Exchange Act reports are exempted from possible assessment of their shares of stock.

Bank holding companies may merge into state banks, and state banks chartered on or before May 30, 1997, may elect to eliminate cumulative voting in director elections; certain reporting requirements for stock transfers are eliminated for publicly reporting banks.