FL S0416

Extends the required financial institution experience timeframe from 3 years to 5 years for proposed directors and officers of new banks and trust companies.

Changes the residency requirement for bank and trust company directors from three-fifths to a majority, while maintaining the requirement that a majority be U.S. citizens.

Clarifies that banks may invest up to 10 percent of total assets in stock, obligations, and securities of subsidiary corporations and affiliates, with a 5 percent limit during the first 3 years of a bank's existence.

Allows the office to waive the 5-year financial institution experience requirement for presidents or chief executive officers after considering the officer's overall experience and the bank's regulatory condition.

Effective July 1, 2018.