NE LB250

Changes the residency requirement for bank board directors from a strict majority mandate to a "reasonable efforts" standard for having directors reside in Nebraska, within 25 miles of the main office, in the county of the main office, or in counties where branches are located

Removes the mandatory requirement that a majority of board members "shall" meet residency criteria, replacing it with softer language requiring "reasonable efforts shall be made"

Retains existing requirements that bank directors must be persons of good moral character, known integrity, business experience, and responsibility

Maintains the department approval process for directors and the Director of Banking and Finance's authority to revoke approval for directors conducting business unsafely or endangering stockholder/depositor interests

Approved by the Governor on March 11, 2025; introduced by Senators Jacobson (District 42) and Hallstrom (District 1)