Title 32 — Title 32 WASHINGTON SAVINGS BANK ACT

14 chapters · 295 sections in this title.

295 sectionsFiltered byTitle 32

RCW 32.20.050 Bonds of state of Washington and its agencies.
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A mutual savings bank may invest its funds in the bonds or interest bearing obligations of this state, or any agency thereof, issued pursuant to the authority of any law of this state, whether such bonds or interest bearing obligations are general or limited obligations of the st…
RCW 32.20.060 Bonds of other states.
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A mutual savings bank may invest its funds in the bonds or obligations of any other state of the United States upon which there is no default.[ 1955 c 13 s 32.20.060. Prior: 1937 c 95 s 2; 1929 c 74 s 5; 1921 c 156 s 11c; RRS s 3381-5.]
RCW 32.20.070 Bonds and warrants of counties, municipalities, etc., of Washington.
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A mutual savings bank may invest its funds in the valid warrants or bonds of any county, city, town, school district, port district, water-sewer district, or other municipal corporation in the state of Washington issued pursuant to law and for the payment of which the faith and c…
RCW 32.20.080 Municipal bonds in adjoining state.
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A mutual savings bank may invest its funds in the valid bonds of any incorporated city having a population in excess of three thousand inhabitants as shown by the last decennial federal census or of any county or school district situated in one of the states of the United States …
RCW 32.20.090 Housing and industrial development bonds and municipal obligations in any state.
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A mutual savings bank may invest in housing or industrial development bonds or municipal obligations issued by a state, county, parish, borough, city, or district situated in the United States, or by any instrumentality thereof, provided such bonds or obligations at the time of p…
RCW 32.20.100 Revenue bonds of certain cities in any state.
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A mutual savings bank may invest its funds in the water revenue or electric revenue bonds of any incorporated city situated in the United States: PROVIDED, That the city has a population as shown by the last decennial federal census of at least forty-five thousand inhabitants, an…
RCW 32.20.110 District bonds secured by taxing power.
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A mutual savings bank may invest its funds in the bonds of any port district, sanitary district, water-sewer district, tunnel district, bridge district, flood control district, park district, or highway district in the United States which has a population as shown by the last dec…
RCW 32.20.120 Local improvement district bonds.
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A mutual savings bank may invest not to exceed fifteen percent of its funds in the bonds or warrants of any local improvement district of any city or town of this state (except bonds or warrants issued for an improvement consisting of grading only), unless the total indebtedness …
RCW 32.20.130 Bonds of irrigation, diking, drainage districts.
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A mutual savings bank may invest not to exceed five percent of its funds in the bonds of any irrigation, diking, drainage, diking improvement, or drainage improvement district of this state, unless the total indebtedness of the district after the completion of the improvement for…
RCW 32.20.210 Obligations of International Bank for Reconstruction and Development.
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A mutual savings bank may invest not to exceed five percent of its funds in interest bearing obligations of the International Bank for Reconstruction and Development.[ 1955 c 13 s 32.20.210. Prior: 1949 c 119 s 3; Rem. Supp. 1949 s 3381-16b.]
RCW 32.20.215 Obligations issued or guaranteed by Inter-American Development Bank.
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A mutual savings bank may invest not to exceed five percent of its funds in obligations issued or guaranteed by the Inter-American Development Bank.[ 1963 c 176 s 14.]
RCW 32.20.217 Obligations of Asian Development Bank.
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A mutual savings bank may invest not to exceed five percent of its funds in obligations issued or guaranteed by the Asian Development Bank.[ 1971 ex.s. c 222 s 7.]Notes:Severability—1971 ex.s. c 222: See note following RCW 32.04.085.
RCW 32.20.219 Obligations issued or guaranteed by African Development Bank or other multilateral development bank.
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A mutual savings bank may invest not to exceed five percent of its funds in obligations issued or guaranteed by the African Development Bank or in obligations issued or guaranteed by any multilateral development bank in which the United States government formally participates.[ 1…
RCW 32.20.220 Bankers' acceptances, bills of exchange, and commercial paper.
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A mutual savings bank may invest not to exceed twenty percent of its funds in the following:(1) Bankers' acceptances, and bills of exchange made eligible by law for rediscount with federal reserve banks, provided the same are accepted by a bank or trust company which is a member …
RCW 32.20.230 Notes secured by investments.
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A mutual savings bank may invest its funds in promissory notes payable to the order of the savings bank, secured by the pledge or assignment of investments lawfully purchasable by a savings bank. No such loan shall exceed ninety percent of the cash market value of such investment…
RCW 32.20.240 Notes secured by pledge or assignment of account.
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A mutual savings bank may invest its funds in promissory notes made payable to the order of the savings bank, secured by the pledge or assignment of the account of the mutual savings bank as collateral security for the payment thereof. No such loan shall exceed the balance due th…
RCW 32.20.253 Loans secured by real estate, mobile homes, movable buildings.
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A mutual savings bank may invest its funds in loans secured by real estate or on the security of mobile homes or other movable buildings or any interest or estate in any of the foregoing. Such loans may be on such terms and conditions and subject to such limitations and restricti…
RCW 32.20.265 Valuation of property to be mortgaged—Appraiser's opinion.
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When, under any provision of this title, a written report is required of members of the board of investment of a mutual savings bank certifying according to their best judgment the value of any property to be mortgaged such value may be determined upon the signed opinion in writi…
RCW 32.20.280 Investments in real estate.
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A mutual savings bank may invest its funds in real estate as follows:(1) A tract of land whereon there is or may be erected a building or buildings suitable for the convenient transaction of the business of the savings bank, from portions of which not required for its own use rev…
RCW 32.20.285 Investments through purchase of real estate—Improvements.
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Subject to such requirements, restrictions, or other conditions as the director may adopt by rule, order, directive, standard, policy, memorandum[,] or other communication with regard to the investment, a savings bank may invest its funds in such real estate, improved or unimprov…
RCW 32.20.300 Home loan bank as depositary.
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See RCW 30A.32.040.
RCW 32.20.310 Deposit of securities.
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A savings bank may deposit securities owned by it, for safekeeping, with any duly designated depositary for the bank's funds. The written statement of the depositary that it holds for safekeeping specified securities of a savings bank may be taken as evidence of the facts therein…
RCW 32.20.320 Investment of funds.
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The trustees of every savings bank shall as soon as practicable invest the moneys deposited with it in the securities prescribed in this title.The purchase by a savings bank of a negotiable certificate of deposit or similar security issued by a bank need not be considered a depos…
RCW 32.20.330 Investments—Loans, preferred stock, or interest-bearing obligations—Restrictions.
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A mutual savings bank may invest in loans to sole proprietorships, partnerships, limited liability companies, corporations, or other entities, or in preferred stock or discounted or other interest bearing obligations issued, guaranteed, or assumed by limited liability companies o…
RCW 32.20.335 Investments—Qualified thrift investments.
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A mutual savings bank may invest in loans or securities that are qualified thrift investments for a savings association subject to the limits specified in 12 U.S.C. Sec. 1467a(m).[ 1999 c 14 s 27.]
RCW 32.20.340 Stock or bonds of federal home loan bank.
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See RCW 30A.32.020.
RCW 32.20.350 Stock of federal reserve bank or Federal Deposit Insurance Corporation.
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See RCW 30A.32.010.
RCW 32.20.370 Corporate bonds and other interest-bearing or discounted obligations.
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A mutual savings bank may invest its funds in bonds or other interest bearing or discounted obligations of corporations not otherwise eligible for investment by the savings bank which are prudent investments for such bank in the opinion of its board of trustees or of a committee …
RCW 32.20.380 Stocks, securities, of corporations not otherwise eligible for investment.
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A mutual savings bank may invest its funds in stocks or other securities of corporations not otherwise eligible for investment by the savings bank which are prudent investments for the bank in the opinion of its board of trustees or of a committee thereof whose action is ratified…
RCW 32.20.390 Obligations of corporations or associations federally authorized to insure or market real estate mortgages—Loans, etc., eligible for insurance.
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A mutual savings bank may invest its funds:(1) In capital stock, notes, bonds, debentures, participating certificates, and other obligations of any corporation or association which is or hereafter may be created pursuant to any law of the United States for the purpose of insuring…
RCW 32.20.400 Loans for home or property repairs, alterations, appliances, improvements, additions, furnishings, underground utilities, education or nonbusiness family purposes.
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A mutual savings bank may invest not to exceed twenty percent of its funds pursuant to this section in loans for home or property repairs, alterations, appliances, improvements, or additions, home furnishings, for installation of underground utilities, for educational purposes, o…
RCW 32.20.410 Limitation of total investment in certain obligations.
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The aggregate total amount a mutual savings bank may invest in the following shall not exceed the sum of eighty-five percent of its funds and one hundred percent of its borrowings as permitted under RCW 32.08.140, as now or hereafter amended and RCW 32.08.190, as now or hereafter…
RCW 32.20.415 Limitation on certain secured and unsecured loans.
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In addition to all other investments and loans authorized for mutual savings banks in this state, a mutual savings bank may invest not more than twenty percent of its funds in secured or unsecured loans on such terms and conditions as the bank may determine.[ 1981 c 86 s 15.]Note…
RCW 32.20.430 Loans to banks or trust companies.
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A mutual savings bank may invest its funds in loans to banks or trust companies which mature on the next business day following the day of making such loan. The loans may be evidenced by any writing or ledger entries deemed adequate by the mutual savings bank and may be secured o…
RCW 32.20.440 Purchase of United States securities from banks or trust companies.
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A mutual savings bank may invest its funds in the purchase of United States government securities from a bank or trust company, subject to the selling bank's or trust company's agreement to repurchase such securities on the business day next following their purchase by the mutual…
RCW 32.20.445 Stock, other securities, and obligations of federally insured institutions.
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A savings bank may invest its funds in the stock and other securities and obligations of a savings or banking institution or holding company thereof if the deposits of the savings or banking institution are insured by the federal deposit insurance corporation or any other federal…
RCW 32.20.450 Low-cost housing—Legislative finding.
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The legislature finds there is a shortage of adequate housing in a suitable environment in many parts of this state for people of modest means, which shortage adversely affects the public in general and the mutual savings banks of this state and their depositors. The legislature …
RCW 32.20.460 Low-cost housing—Factory built housing—Mobile homes.
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In addition to the portions of its funds permitted to be invested in real estate loans under RCW 32.20.410, a mutual savings bank may invest not to exceed fifteen percent of its funds in loans and investments as follows:(1) Loans for the rehabilitation, remodeling, or expansion o…
RCW 32.20.470 Improvement of private land for public parks and recreation areas.
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Subject to the limits hereinafter set forth, a mutual savings bank may expend its funds for the improvement for public use of privately owned land as parks or recreation areas, including but not limited to "vest pocket" parks, provided that the owner of such land will:(1) Permit …
RCW 32.20.480 Loans or investments to provide adequate housing and environmental improvements—Criteria—Restrictions.
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Loans or investments made under *this 1973 amendatory act may provide a less than market rate of return and entail a higher degree of risk than might otherwise be acceptable to the general market, so long as the board of trustees of the bank determines the loan or investment may …
RCW 32.20.500 Construction—1973 1st ex.s. c 31.
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The powers granted by *this 1973 amendatory act are in addition to and not in limitation of the powers conferred upon a mutual savings bank by other provisions of law.[ 1973 1st ex.s. c 31 s 8.]Notes:*Reviser's note: For "this 1973 amendatory act," see note following RCW 32.20.48…
RCW 32.24.010 Liquidation of solvent bank.
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If the trustees of any solvent mutual savings bank deem it necessary or expedient to close the business of such bank, they may, by affirmative vote of not less than two-thirds of the whole number of trustees, at a meeting called for that purpose, of which one month's notice has b…
RCW 32.24.020 Procedure to liquidate and dissolve.
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When the trustees, acting under the provisions of RCW 32.24.010, have paid the sums due respectively to all creditors and depositors, who, after such notice as the director shall prescribe, claim the money due and their deposits, the trustees shall make a transcript or statement …
RCW 32.24.030 Transfer of assets and liabilities to another bank.
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An unconverted mutual savings bank may for the purpose of consolidation, acquisition, pooling of assets, merger, or voluntary liquidation arrange for its assets and liabilities to become assets and liabilities of another mutual savings bank, by the affirmative vote or with the wr…
RCW 32.24.040 Notice to correct unsafe conditions—Possession may be taken under specified circumstances.
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(1) Under the circumstances set forth in subsection (2) of this section, the director may give to a savings bank notice of unsafe condition of the savings bank; and if the savings bank fails to comply with the terms of such notice within thirty days from the date of its issuance,…
RCW 32.24.050 Director may order levy of assessment—Liquidation of bank in unsound condition or insolvent.
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(1) Whenever it appears to the director that any offense or delinquency referred to in RCW 32.24.040 has resulted in a savings bank being critically undercapitalized with no reasonably foreseeable prospect of recovery, or that it has suspended payment of its obligations, or is in…
RCW 32.24.060 Possession by director—Bank may contest.
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Within ten days after the director takes possession thereof, a mutual savings bank may serve notice upon such director to appear before the superior court in the county wherein such corporation is located, at a time to be fixed by the court, which shall not be less than five nor …
RCW 32.24.070 Receiver prohibited except in emergency.
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No receiver shall be appointed by any court for any savings bank, nor shall any assignment of any such bank for the benefit of creditors be valid, excepting only that a court otherwise having jurisdiction may in case of imminent necessity appoint a temporary receiver to take poss…
RCW 32.24.073 Voluntary closing—Possession of the director—Notice.
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(1) Subject to the consent of the director, a savings bank may voluntarily stipulate and consent to an order taking possession and thereby place itself under the control of the director to be liquidated and be made subject to receivership as provided in this chapter.(2) Upon issu…
RCW 32.24.080 Transfer of assets when insolvent—Penalty.
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(1) Every transfer of its property or assets by any savings bank, made (a) after it has become insolvent, (b) within ninety days before the date the director takes possession of such savings bank under RCW 32.24.040, 32.24.050, or 32.24.073, or the federal deposit insurance corpo…