RCW 32.04.020 — Washington Code / Title 32 / Chapter 04 / Section 020
RCW 32.04.020: Definitions.
Status: in_force

Unless the context clearly requires otherwise, the definitions in this section apply throughout this title. (1) "Adequately capitalized," "critically undercapitalized," "significantly undercapitalized," "undercapitalized," and "well-capitalized," respectively, have meanings consistent with the definitions these same terms have under the prompt corrective action provisions of the federal deposit insurance act, 12 U.S.C. Sec. 1831o, or any successor federal statute, and applicable enabling rules of the federal deposit insurance corporation. (2) "Bank holding company" means a bank holding company under authority of the federal bank holding company act. (3) "Branch" means an established office or facility other than the principal office, at which employees of the savings bank take deposits. "Branch" does not mean a machine permitting customers to leave funds in storage or communicate with savings bank employees who are not located at the site of that machine, unless employees of the savings bank at the site of that machine take deposits on a regular basis. An office of an entity other than the savings bank is not established by the savings bank, regardless of any affiliation, accommodation arrangement, or other relationship between the other entity and the savings bank. (4) "Department" means the Washington state department of financial institutions. (5)"Director" means the director of the department. (6) "Financial holding company" means a financial services holding company under the authority of the federal bank holding company act. (7) "Holding company" means a bank holding company, financial holding company, or thrift holding company of a savings bank organized under chapter 32.08 RCW, converted from a mutual savings bank to a stock savings bank under chapter 32.32 RCW, or converted to a state savings bank under chapter 32.34 RCW. (8) "Mutual savings" when used as part of a name under which business of any kind is or may be transacted by any person, firm, or corporation, except such as were organized and in actual operation on June 9, 1915, or as may be thereafter operated under the requirements of this title is hereby prohibited. (9) "Savings bank" or "mutual savings bank" means savings banks organized under chapter 32.08 or 32.35 RCW or converted under chapter 32.32 or 33.44 RCW. (10) "Thrift holding company" means a thrift institution holding company under authority of laws and rules administered by the federal office of thrift supervision, or its successor agency.
RCW 32.16.093 — Washington Code / Title 32 / Chapter 16 / Section 093
RCW 32.16.093: Notice of intention to remove or prohibit participation in conduct of affairs—Hearing—Order of removal and/or prohibition.
Status: in_force

(1) A notice of an intention to remove a board trustee or director, officer, or employee from office or to prohibit his or her participation in the conduct of the affairs of a savings bank or holding company shall contain a statement of the facts which constitute grounds therefor and shall fix a time and place at which a hearing will be held. The hearing shall be set not earlier than ten days or later than thirty days after the date of service of the notice unless an earlier or later date is set by the director at the request of the board trustee or director, officer, or employee for good cause shown or at the request of the attorney general of the state. (2) Unless the board trustee or director, officer, or employee appears at the hearing personally or by a duly authorized representative, the person shall be deemed to have consented to the issuance of an order of removal or prohibition or both. In the event of such consent or if upon the record made at the hearing the director finds that any of the grounds specified in the notice have been established, the director may issue such orders of removal from office or prohibition from participation in the conduct of the affairs of the savings bank or holding company as the director may consider appropriate. (3) Any order under this section shall become effective at the expiration of ten days after service upon the savings bank or holding company and the trustee, director, officer, or employee concerned except that an order issued upon consent shall become effective at the time specified in the order. An order shall remain effective except to the extent it is stayed, modified, terminated, or set aside by the director or a reviewing court.
RCW 32.50.900 — Washington Code / Title 32 / Chapter 50 / Section 900
RCW 32.50.900: Effective date—2010 c 88.
Status: in_force

This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect immediately [March 17, 2010].
RCW 32.50.040 — Washington Code / Title 32 / Chapter 50 / Section 040
RCW 32.50.040: Costs of supervisory direction and conservatorship.
Status: in_force

All costs incident to supervisory direction and the conservatorship shall be fixed and determined by the director and shall be a charge against the assets of the savings bank to be allowed and paid as the director may determine.
RCW 32.50.020 — Washington Code / Title 32 / Chapter 50 / Section 020
RCW 32.50.020: Director may appoint representative—Restrictions placed on savings bank.
Status: in_force

During the period of supervisory direction the director may appoint a representative to supervise such savings bank and may provide that the savings bank may not do any of the following during the period of supervisory direction, without the prior approval of the director or the appointed representative: (1) Dispose of, convey, or encumber any of the assets; (2) Withdraw any of its bank accounts; (3) Lend any of its funds; (4) Invest any of its funds; (5) Transfer any of its property; or (6) Incur any debt, obligation, or liability.
RCW 32.20.460 — Washington Code / Title 32 / Chapter 20 / Section 460
RCW 32.20.460: Low-cost housing—Factory built housing—Mobile homes.
Status: in_force

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 of existing housing. (2) Loans in connection with, or participation in: (a) Housing programs of any agency of federal, state, or local government; and (b) Housing programs of any nonprofit, union, community, public, or quasi-public corporation or entity. Such housing must be made available to all without regard to race, creed, sex, color, or national origin. (3) Loans for purchasing or constructing factory built housing, including but not limited to mobile homes. The bank shall determine the amount, security, and repayment basis which it considers prudent for the loans. (4) In mobile home chattel paper which finances the acquisition of inventory by a mobile home dealer if the inventory is to be held for sale in the ordinary course of business by the mobile home dealer, the monetary obligation evidenced by such chattel paper is the obligation of the mobile home dealer and the amount thereof does not exceed the amount allowed to be loaned on such mobile homes under subsection (3) of this section.
RCW 32.32.520 — Washington Code / Title 32 / Chapter 32 / Section 520
RCW 32.32.520: "Funds" defined.
Status: in_force

The "funds" of a converted savings bank, as the term is used in Title 32 RCW, shall mean deposits, sums credited to the liquidation account, capital stock, the principal balance of any outstanding capital notes, capital debentures, borrowings, undivided profits and income derived from the foregoing or the proceeds of the foregoing as listed in this section.
RCW 32.08.170 — Washington Code / Title 32 / Chapter 08 / Section 170
RCW 32.08.170: Effect of failure to organize or commence business.
Status: in_force

See RCW 30A.08.070 .
RCW 32.08.180 — Washington Code / Title 32 / Chapter 08 / Section 180
RCW 32.08.180: Extension of existence.
Status: in_force

See RCW 30A.08.080 .
RCW 32.04.050 — Washington Code / Title 32 / Chapter 04 / Section 050
RCW 32.04.050: Reports.
Status: in_force

A savings bank shall render to the director, in such form as he or she shall prescribe, at least three regular reports each year exhibiting its resources and liabilities as of such dates as the director shall designate, which shall be the dates designated by the comptroller of the currency of the United States for reports of national banking associations. Every such report, in a condensed form to be prescribed by the director, shall be published once in a newspaper of general circulation, published in the place where the bank is located. A savings bank shall also make such special reports as the director shall call for. A regular report shall be filed with the director within thirty days and proof of the publication thereof within forty days from the date of the issuance of the call for the report. A special report shall be filed within such time as the director shall indicate in the call therefor. A savings bank that fails to file within the prescribed time any report required by this section or proof of the publication of any report required to be published shall be subject to a penalty to the state of fifty dollars for each day's delay, recoverable by a civil action brought by the attorney general in the name of the state.
RCW 32.20.500 — Washington Code / Title 32 / Chapter 20 / Section 500
RCW 32.20.500: Construction—1973 1st ex.s. c 31.
Status: in_force

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.
RCW 32.20.480 — Washington Code / Title 32 / Chapter 20 / Section 480
RCW 32.20.480: Loans or investments to provide adequate housing and environmental improvements—Criteria—Restrictions.
Status: in_force

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 be beneficial to the community where made, without the need to show a direct corporate benefit, and so long as any private individual who benefits is not, and is not related to any person who is, an officer, employee, or trustee of the bank. It is hereby recognized that the mutual savings banks of the state of Washington and their depositors are affected adversely by the absence of adequate low-cost housing and environmental developments and improvements within the communities they serve and the state of Washington. The amount a mutual savings bank may invest under *this 1973 amendatory act during any twelve-month period at less than a market rate of return shall not exceed two percent of the total principal amount of all real estate loans made by the bank during the preceding twelve months.
RCW 32.04.190 — Washington Code / Title 32 / Chapter 04 / Section 190
RCW 32.04.190: Bank stabilization act.
Status: in_force

See chapter 30A.56 RCW.
RCW 32.50.070 — Washington Code / Title 32 / Chapter 50 / Section 070
RCW 32.50.070: Duration of conservatorship.
Status: in_force

The conservator shall serve for such time as is necessary to accomplish the purposes of the conservatorship as intended by this chapter. If rehabilitated, the rehabilitated savings bank shall be returned to management or new managements under such conditions as are reasonable and necessary to prevent recurrence of the condition which occasioned the conservatorship.
RCW 32.35.030 — Washington Code / Title 32 / Chapter 35 / Section 030
RCW 32.35.030: Investigation.
Status: in_force

When the notice of intention to organize and proposed articles of incorporation complying with RCW 32.35.020 have been received by the director, together with the fees required by law, the director shall ascertain from the best source of information at his or her command and by such investigation as he or she may deem necessary, whether the character, responsibility and general fitness of the persons named in the articles are such as to command confidence and warrant belief that the business of the proposed stock savings bank will be honestly and efficiently conducted in accordance with the intent and purpose of this title, whether the resources in the neighborhood of such place and in the surrounding country afford a reasonable promise of adequate support for the proposed stock savings bank, and whether the proposed stock savings bank is being formed for other than the legitimate objects covered by this title.
RCW 32.08.142 — Washington Code / Title 32 / Chapter 08 / Section 142
RCW 32.08.142: Additional powers of savings bank—Powers of federal mutual savings bank—Definition—Restrictions.
Status: in_force

(1) Notwithstanding any restrictions, limitations, and requirements of law, in addition to all powers, express or implied, that a savings bank has under the laws of this state, a savings bank shall have the powers and authorities that any federal mutual savings bank had on July 28, 1985, or as of a subsequent date not later than July 28, 2013. As used in this section, "powers and authorities" include without limitation powers and authorities in corporate governance matters. (2) A savings bank may exercise the powers and authorities granted, after July 28, 2013, to federal mutual savings banks or their successors under federal law only if the director finds that the exercise of such powers and authorities: (a) Serves the convenience and advantage of depositors and borrowers, or the general public; and (b) Maintains the fairness of competition and parity between state-chartered savings banks and federal savings banks or their successors under federal law. (3) Notwithstanding any other provision of law, a savings bank has the powers and authorities that an out-of-state state savings bank or savings association operating a branch in Washington has if the director finds that the exercise of such powers and authorities serves the convenience and advantage of depositors and borrowers, or the general public, and maintains the fairness of competition and parity between savings banks and out-of-state state savings banks and savings associations. (4) For the purposes of this section, "powers and authorities" include without limitation powers and authorities in corporate governance matters. (5) The restrictions, limitations, and requirements applicable to specific powers and authorities of federal mutual savings banks or out-of-state state savings banks or savings associations, as applicable, shall apply to savings banks exercising those powers and authorities permitted under this section but only insofar as the restrictions, limitations, and requirements relate to exercising the powers and authorities granted savings banks solely under this section.
RCW 32.20.210 — Washington Code / Title 32 / Chapter 20 / Section 210
RCW 32.20.210: Obligations of International Bank for Reconstruction and Development.
Status: in_force

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.
RCW 32.32.455 — Washington Code / Title 32 / Chapter 32 / Section 455
RCW 32.32.455: Nonapplicability of RCW 32.32.440 and 32.32.445.
Status: in_force

RCW 32.32.440 and 32.32.445 shall not apply to a transfer, agreement or understanding to transfer, offer, or announcement of an offer or intent to make an offer which (1) pertains only to securities to be purchased pursuant to RCW 32.32.060 , 32.32.150 , or 32.32.175 ; and (2) has prior written approval of the director.
RCW 32.50.080 — Washington Code / Title 32 / Chapter 50 / Section 080
RCW 32.50.080: Authority of director to act—Administrative discretion.
Status: in_force

If the director determines to act under authority of this chapter, the sequence of his or her acts and proceedings shall be as set forth in this chapter. However, it is the purpose and substance of this chapter to authorize administrative discretion, to allow the director administrative discretion in the event of unsound banking operations, and in furtherance of that purpose the director is hereby authorized to proceed with regulation either under this chapter or under any other applicable provisions of law or under this chapter in connection with other law, either as such law is now existing or is hereinafter enacted, and it is so provided.
RCW 32.12.090 — Washington Code / Title 32 / Chapter 12 / Section 090
RCW 32.12.090: Interest—Rate—Notice of changed rate.
Status: in_force

(1) Every savings bank shall regulate the rate of interest upon the amounts to the credit of depositors therewith, in such manner that depositors shall receive as nearly as may be all the earnings of the bank after transferring the amount required by RCW 32.08.120 and such further amounts as its trustees may deem it expedient and for the security of the depositors to transfer to the guaranty fund, which to the amount of ten percent of the amount due its depositors the trustees shall gradually accumulate and hold. Such trustees may also deduct from its net earnings, and carry as reserves for losses, or other contingencies, or as undivided profits, such additional sums as they may deem wise. (2) Every savings bank may classify its depositors according to the local market, character, amount, regularity, or duration of their dealings with the savings bank, and may regulate the interest in such manner that each depositor shall receive the same ratable portion of interest as all others of his or her class. (3) Unimpaired contributions to the initial guaranty fund and to the expense fund, made by the incorporators or trustees of a savings bank, shall be entitled to have dividends apportioned thereon, which may be credited and paid to such incorporators or trustees. Whenever the guaranty fund of any savings bank is sufficiently large to permit the return of such contributions, the contributors may receive interest thereon not theretofore credited or paid at the same rate paid to depositors. (4) A savings bank may pay interest on deposits at such rates as its board or a committee or officer designated by the board shall from time to time determine. (5) The trustees of any savings banks, other than a stock savings bank, whose undivided profits and guaranty fund, determined in the manner prescribed in RCW 32.12.070 , amount to more than twenty-five percent of the amount due its depositors, shall at least once in three years divide equitably the accumulation beyond such twenty-five percent as an extra dividend to depositors in excess of the regular dividend authorized. (6) A notice posted conspicuously in a savings bank of a change in the rate of interest shall be equivalent to a personal notice.
RCW 32.32.300 — Washington Code / Title 32 / Chapter 32 / Section 300
RCW 32.32.300: Underwriting commissions.
Status: in_force

Underwriting commissions shall not exceed an amount or percentage per share acceptable to the director. No underwriting commission may be allowed or paid with respect to shares of capital stock sold in the subscription offering; however, an underwriter may be reimbursed for accountable expenses in connection with the subscription offering where the public offering is so small that reasonable underwriting commissions thereon would not be sufficient to cover total accountable expenses. The term "underwriting commissions" includes underwriting discounts.
RCW 32.08.050 — Washington Code / Title 32 / Chapter 08 / Section 050
RCW 32.08.050: Appeal from adverse decision.
Status: in_force

From the director's refusal to issue a certificate of authorization, the applicants or a majority of them, may within thirty days from the date of the filing of the certificate of refusal with the secretary of state, appeal to a board of appeal composed of the governor or the governor's designee, the attorney general and the director by filing in the office of the director a notice that they appeal to such board from his or her refusal. The procedure upon the appeal shall be such as the board may prescribe, and its determination shall be certified, filed, and recorded in the same manner as the director's, and shall be final.
RCW 32.32.055 — Washington Code / Title 32 / Chapter 32 / Section 055
RCW 32.32.055: Supplemental share purchase subscription rights—Supplemental eligible account holder—Conditions.
Status: in_force

In plans involving an eligibility record date that is more than fifteen months prior to the date of the latest amendment to the application for conversion filed prior to the director approval, a supplemental eligibility record date shall be determined whereby each supplemental eligible account holder of the converting savings bank shall receive, without payment, nontransferable subscription rights to purchase supplemental shares in an amount equal to the greatest of two hundred shares, one-tenth of one percent of the total offering of shares, or fifteen times the product (rounded down to the next whole number) obtained by multiplying the total number of shares of capital stock to be issued by a fraction of which the numerator is the amount of the qualifying deposit of the supplemental eligible account holder and the denominator is the total amount of the qualifying deposits of all supplemental eligible account holders in the converting savings bank on the supplemental eligibility record date. (1) Subscription rights received pursuant to this section shall be subordinated to all rights received by eligible account holders to purchase shares pursuant to RCW 32.32.045 and 32.32.050 . (2) Any nontransferable subscription rights to purchase shares received by an eligible account holder in accordance with RCW 32.32.045 shall be applied in partial satisfaction of the subscription rights to be distributed pursuant to this section. (3) In the event of an oversubscription for supplemental shares pursuant to this section, shares shall be allocated among the subscribing supplemental eligible account holders as follows: (a) Shares shall be allocated among subscribing supplemental eligible account holders so as to permit each such supplemental account holder, to the extent possible, to purchase a number of shares sufficient to make the supplemental account holder's total allocation (including the number of shares, if any, allocated in accordance with RCW 32.32.045 ) equal to one hundred shares. (b) Any shares not allocated in accordance with subsection (3)(a) of this section shall be allocated among the subscribing supplemental eligible account holders on such equitable basis, related to the amounts of their respective qualifying deposits, as may be provided in the plan of conversion.
RCW 32.04.150 — Washington Code / Title 32 / Chapter 04 / Section 150
RCW 32.04.150: Cost of examination.
Status: in_force

See RCW 30A.04.070 .
RCW 32.20.300 — Washington Code / Title 32 / Chapter 20 / Section 300
RCW 32.20.300: Home loan bank as depositary.
Status: in_force

See RCW 30A.32.040 .
RCW 32.35.070 — Washington Code / Title 32 / Chapter 35 / Section 070
RCW 32.35.070: Failure to commence business—Effect—Extension of time.
Status: in_force

Every corporation authorized by the laws of this state to do business as a stock savings bank, which corporation shall have failed to organize and commence business within six months after certificate of authority to commence business has been issued by the director, shall forfeit its rights and privileges as such corporation, which fact the director shall certify to the secretary of state, and such certificate of forfeiture shall be filed and recorded in the office of the secretary of state in the same manner as the certificate of authority. However, the director may, upon showing of cause satisfactory to him or her, issue an order under his or her hand and seal extending for not more than three months the time within which such organization may be effected and business commenced, such order to be transmitted to the office of the secretary of state and filed and recorded.
RCW 32.50.050 — Washington Code / Title 32 / Chapter 50 / Section 050
RCW 32.50.050: Request for review of actions taken by representative or conservator.
Status: in_force

During the period of the supervisory direction and during the period of conservatorship, the savings bank may request the director to review an action taken or proposed to be taken by the representative or conservator; specifying wherein the action complained of is believed not to be in the best interest of the savings bank, and such request shall stay the action specified pending review of such action by the director. Any order entered by the director appointing a representative and providing that the savings bank shall not do certain acts as provided in RCW 32.50.020 and 32.50.030 , any order entered by the director appointing a conservator, and any order by the director following the review of an action of the representative or conservator under this section shall be subject to review in accordance with the administrative procedure act of the state of Washington.
RCW 32.16.030 — Washington Code / Title 32 / Chapter 16 / Section 030
RCW 32.16.030: Vacancies, when to be filled.
Status: in_force

A vacancy in the board of trustees shall be filled by the board as soon as practicable, at a regular meeting thereof.
RCW 32.32.075 — Washington Code / Title 32 / Chapter 32 / Section 075
RCW 32.32.075: Prohibition on purchase of shares by officers, directors, and their associates—Exception.
Status: in_force

No officer or director, or their associates, may purchase without the prior written approval of the director the capital stock of the converted savings bank except from a broker or a dealer registered with the Securities and Exchange Commission for a period of three years following the conversion. This provision shall not apply to negotiated transactions involving more than one percent of the outstanding capital stock of the converted savings bank. As used in this section, the term "negotiated transactions" means transactions in which the securities are offered and the terms and arrangements relating to any sale of the securities are arrived at through direct communications between the seller or any person acting on the seller's behalf and the purchaser or the purchaser's investment representative. The term "investment representative" means a professional investment adviser acting as agent for the purchaser and independent of the seller and not acting on behalf of the seller in connection with the transaction.
RCW 32.20.280 — Washington Code / Title 32 / Chapter 20 / Section 280
RCW 32.20.280: Investments in real estate.
Status: in_force

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 revenue may be derived: PROVIDED, That the cost of the land and building or buildings for the transaction of the business of the savings bank shall in no case exceed fifty percent of the guaranty fund, undivided profits, reserves, and subordinated securities of the savings bank, except with the approval of the director; and before the purchase of such property is made, or the erection of a building or buildings is commenced, the estimate of the cost thereof, and the cost of the completion of the building or buildings, shall be submitted to and approved by the director. "The cost of the land and building or buildings" means the amounts paid or expended therefor less the reasonable depreciation thereof taken by the bank against such improvements during the time they were held by the bank. (2) Such lands as shall be conveyed to the savings bank in satisfaction of debts previously contracted in the course of its business. (3) Such lands as the savings bank shall purchase at sales under judgments, decrees, or mortgages held by it. All real estate purchased by any such savings bank, or taken by it in satisfaction of debts due it, under this section, shall be conveyed to it directly by name, or in the name of a corporation all of the stock of which is owned by the bank, or in such other manner as the bank shall determine to be in the best interest of the bank, and the conveyance shall be immediately recorded in the office of the proper recording officer of the county in which such real estate is situated. (4) Every parcel of real estate purchased or acquired by a savings bank under subsections (2) and (3) of this section, shall be sold by it within five years from the date on which it was purchased or acquired, or in case it was acquired subject to a right of redemption, within five years from the date on which the right of redemption expires, unless: (a) There is a building thereon occupied by the savings bank and its offices, (b) The director, on application of the board of trustees of the savings bank, extends the time within which such sale shall be made, or (c) The property is held by the bank as an investment under the provisions of RCW 32.20.285 , as now or hereafter amended.
RCW 32.24.070 — Washington Code / Title 32 / Chapter 24 / Section 070
RCW 32.24.070: Receiver prohibited except in emergency.
Status: in_force

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 possession of and preserve the assets of the savings bank. Immediately upon any such appointment, the clerk of the court shall notify the director in writing of such appointment and the director shall immediately take possession of the savings bank, as in case of insolvency, and the temporary receiver shall upon demand of the director surrender up to him or her such possession and all assets which have come into his or her possession. The director shall in due course pay such receiver out of the assets of the savings bank such amount as the court shall allow.
RCW 32.08.225 — Washington Code / Title 32 / Chapter 08 / Section 225
RCW 32.08.225: Sale, purchase, etc., of interest rate exchange agreements, loans, or interests therein.
Status: in_force

Any mutual savings bank may through any device sell, purchase, exchange, issue evidence of a sale or exchange of, or in any manner deal in any form of sale or exchange of interest rate exchange agreements, loans, or any interest therein including but not being limited to mortgage pass-through issues, mortgage backed bond issues, and loan participations and may purchase a subordinated portion thereof, issue letters of credit to insure against losses on a portion thereof, agree to repurchase all or a portion thereof, guarantee all or a portion of the payments thereof, and without any implied limitation by the foregoing or otherwise, do any and all things necessary or convenient to take part in or effectuate any such sales or exchanges by a mutual savings bank itself or by a subsidiary thereof.
RCW 32.32.110 — Washington Code / Title 32 / Chapter 32 / Section 110
RCW 32.32.110: Restriction on sale of shares of stock by directors and officers.
Status: in_force

All shares of capital stock purchased by directors and officers on original issue in the conversion either directly from the savings bank (by subscription or otherwise) or from an underwriter of the shares shall be subject to the restriction that the shares shall not be sold for a period of not less than three years following the date of purchase, except in the event of death of the director or officer.
RCW 32.32.095 — Washington Code / Title 32 / Chapter 32 / Section 095
RCW 32.32.095: Establishment of eligibility record date required.
Status: in_force

The applicant shall establish an eligibility record date, which shall not be less than ninety days prior to the date of adoption of the plan by the converting savings bank's board of directors.
RCW 32.32.170 — Washington Code / Title 32 / Chapter 32 / Section 170
RCW 32.32.170: Issuance of securities in lieu of capital stock permitted—References to capital stock.
Status: in_force

The converted savings bank may issue and sell, in lieu of shares of its capital stock, units of securities consisting of capital stock or other equity securities, in which event any reference in this chapter to capital stock shall apply to the units of equity securities unless the context otherwise requires.
RCW 32.04.290 — Washington Code / Title 32 / Chapter 04 / Section 290
RCW 32.04.290: Administrative hearing provided for in RCW 32.04.250 or 32.16.093—Procedure—Order—Judicial review.
Status: in_force

(1) Any administrative hearing provided in RCW 32.04.250 or 32.16.093 must be conducted in accordance with chapter 34.05 RCW and held at the place designated by the director, and may be conducted by the department. The hearing shall be private unless the director determines that a public hearing is necessary to protect the public interest after fully considering the views of the party afforded the hearing. (2) Within sixty days after the hearing, the director shall render a decision which shall include findings of fact upon which the decision is based and shall issue and serve upon each party to the proceeding an order or orders consistent with RCW 32.04.250 or 32.16.093 , as the case may be. (3) Unless a petition for review is timely filed in the superior court of the county of the principal place of business of the affected mutual savings bank under subsection (5) of this section, and until the record in the proceeding has been filed as provided therein, the director may at any time modify, terminate, or set aside any order upon such notice and in such manner as he or she shall deem proper. Upon filing the record, the director may modify, terminate, or set aside any order only with permission of the court. (4) The judicial review provided in this section shall be exclusive for orders issued under RCW 32.04.250 and 32.16.093 . (5) Any party to the proceeding or any person required by an order, temporary order, or injunction issued under RCW 32.04.250 , 32.04.260 , 32.04.280 , or 32.16.093 to refrain from any of the violations or practices stated therein may obtain a review of any order served under subsection (1) of this section other than one issued upon consent by filing in the superior court of the county of the principal place of business of the affected mutual savings bank within ten days after the date of service of the order a written petition praying that the order of the director be modified, terminated, or set aside. A copy of the petition shall be immediately served upon the director and the director shall then file in the court the record of the proceeding. The court shall have jurisdiction upon the filing of the petition, which jurisdiction shall become exclusive upon the filing of the record, to affirm, modify, terminate, or set aside in whole or in part the order of the director except that the director may modify, terminate, or set aside an order with the permission of the court. The judgment and decree of the court shall be final, except that it shall be subject to appellate review under the rules of court. (6) The commencement of proceedings for judicial review under subsection (5) of this section shall not operate as a stay of any order issued by the director unless specifically ordered by the court. (7) Service of any notice or order required to be served under RCW 32.04.250 , 32.04.260 , or 32.16.093 , or under RCW 32.16.090 , as now or hereafter amended, shall be accomplished in the same manner as required for the service of process in civil actions in superior courts of this state.
RCW 32.20.400 — Washington Code / Title 32 / Chapter 20 / Section 400
RCW 32.20.400: Loans for home or property repairs, alterations, appliances, improvements, additions, furnishings, underground utilities, education or nonbusiness family purposes.
Status: in_force

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, or for nonbusiness family purposes: PROVIDED, That the application therefor shall state that the proceeds are to be used for one of the above purposes.
RCW 32.20.320 — Washington Code / Title 32 / Chapter 20 / Section 320
RCW 32.20.320: Investment of funds.
Status: in_force

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 deposit if the certificate or security is eligible for investment by a savings bank under any other provision of this title.
RCW 32.32.525 — Washington Code / Title 32 / Chapter 32 / Section 525
RCW 32.32.525: Prohibition on certain securities and purchases—Exception.
Status: in_force

After July 26, 1981, no converted savings bank may make any loan or discount on the security of its own capital stock, nor be the purchaser or holder of any such shares, unless the security or purchase is necessary to prevent loss upon a debt previously contracted in good faith, in which case the stocks so purchased or acquired shall be sold at public or private sale, or otherwise disposed of, within six months from the time of its purchase or acquisition. The prohibitions of this section do not apply to a purchase of shares approved by the director pursuant to RCW 32.32.210 .
RCW 32.32.325 — Washington Code / Title 32 / Chapter 32 / Section 325
RCW 32.32.325: Subscription price.
Status: in_force

The maximum subscription price stated on each order form distributed pursuant to RCW 32.32.315 shall be the amount to be paid when the order form is returned. The maximum subscription price and the actual subscription price shall be within the subscription price range stated in the director's approval and the offering circular. If either the maximum subscription price or the actual subscription price is not within this subscription price range, the applicant shall obtain an amendment to the director's approval. If appropriate, the director shall condition the giving of amended approval by requiring a resolicitation of order forms. If the actual public offering price is less than the maximum subscription price stated on the order form, the actual subscription price shall be correspondingly reduced and the difference shall be refunded to those who have paid the maximum subscription price.
RCW 32.16.097 — Washington Code / Title 32 / Chapter 16 / Section 097
RCW 32.16.097: Penalty for violation of order issued under RCW 32.16.093.
Status: in_force

Any present or former trustee, board director, officer, or employee of a savings bank or holding company or any other person against whom there is outstanding an effective final order issued under RCW 32.16.093 , which order has been served upon the person, and who, in violation of the order, (1) participates in any manner in the conduct of the affairs of the savings bank or holding company involved; or (2) directly or indirectly solicits or procures, transfers or attempts to transfer, or votes or attempts to vote any proxies, consents, or authorizations with respect to any voting rights in the savings bank or holding company; or (3) without the prior approval of the director, votes for a board trustee or director or serves or acts as a trustee, director, officer, employee, or agent of any savings bank or holding company, shall be guilty of a gross misdemeanor, and, upon conviction, shall be punishable as prescribed under chapter 9A.20 RCW.
RCW 32.08.060 — Washington Code / Title 32 / Chapter 08 / Section 060
RCW 32.08.060: Procedure upon approval.
Status: in_force

In case of approval, the director shall forthwith give notice thereof to the proposed incorporators, and file one of the duplicate certificates in his or her own office, and shall transmit the other to the secretary of state. Upon receipt from the proposed incorporators of the same fees as are required for filing and recording other incorporation certificates, the secretary of state shall file the certificate and record the same. Upon the filing of said incorporation certificate in duplicate approved as aforesaid in the offices of the director and the secretary of state, the persons named therein and their successors shall thereupon become and be a corporation, which corporation shall have the powers and be subject to the duties and obligations prescribed in this title and its corporate existence shall be perpetual, unless sooner terminated pursuant to law, but such corporation shall not receive deposits or engage in business until authorized so to do by the director as provided in RCW 32.08.070 .
RCW 32.32.310 — Washington Code / Title 32 / Chapter 32 / Section 310
RCW 32.32.310: Submission of information by applicant.
Status: in_force

In addition to the information required in RCW 32.32.305 , the applicant shall submit information demonstrating to the satisfaction of the director the independence and expertise of any person preparing materials under RCW 32.32.305 . However, a person will not be considered as lacking independence for the reason that the person will participate in effecting a sale of capital stock under the plan of conversion or will receive a fee from the applicant for services rendered in connection with the appraisal.
RCW 32.04.110 — Washington Code / Title 32 / Chapter 04 / Section 110
RCW 32.04.110: Penalty for concealing or destroying evidence.
Status: in_force

Every board trustee or director, officer, employee, or agent of any savings bank or its holding company who for the purpose of concealing any fact suppresses any evidence against himself or herself, or against any other person, or who abstracts, removes, mutilates, destroys, or secretes any paper, book, or record of any savings bank or its holding company, or of the director, or anyone connected with his or her office is guilty of a class B felony punishable according to chapter 9A.20 RCW.
RCW 32.32.380 — Washington Code / Title 32 / Chapter 32 / Section 380
RCW 32.32.380: Application—Additional information required.
Status: in_force

In addition to the information expressly required to be included in any application under this chapter, there shall be added such further material information, if any, as may be necessary to make the required statements, in the light of the circumstances under which they are made, not misleading.
RCW 32.32.490 — Washington Code / Title 32 / Chapter 32 / Section 490
RCW 32.32.490: Amendments to articles of incorporation.
Status: in_force

(1) Amendments to the articles of incorporation of the converted savings bank shall be made only with the approvals of the director, of two-thirds of the directors of the savings bank, and of the holders of a majority of each class of the outstanding shares of capital stock or such greater percentage of these shares as may be specified in the articles of the converted savings bank. (2) Unless the articles of incorporation provide otherwise, the board of directors of a savings bank may, by majority vote, amend the savings bank's articles of incorporation as provided in this section without shareholder action: (a) If the savings bank has only one class of shares outstanding, to provide, change, or eliminate any provision with respect to the par value of any class of shares; (b) To delete the name and address of the initial directors; (c) If the savings bank has only one class of shares outstanding, solely to change the number of authorized shares to effectuate a split of, or stock dividend in, the savings bank's own shares, or solely to do so and to change the number of authorized shares in proportion thereto; (d) To change the savings bank's name; or (e) To make any other change expressly permitted by this title to be made without shareholder action.
RCW 32.20.410 — Washington Code / Title 32 / Chapter 20 / Section 410
RCW 32.20.410: Limitation of total investment in certain obligations.
Status: in_force

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 amended: (1) Mortgages upon real estate and participations therein; (2) Contracts for the sale of realty; (3) Mortgages upon leasehold estates; and (4) Notes secured by pledges or assignments of first mortgages or real estate contracts. The limitation of this section shall not apply to GNMA certificates, mortgage backed bonds, mortgage pass-through certificates or other similar securities purchased or held by the bank.
RCW 32.40.030 — Washington Code / Title 32 / Chapter 40 / Section 030
RCW 32.40.030: Adoption of rules.
Status: in_force

The director shall adopt all rules necessary to implement RCW 32.40.010 and 32.40.020 by January 1, 1986.
RCW 32.08.140 — Washington Code / Title 32 / Chapter 08 / Section 140
RCW 32.08.140: Powers of bank.
Status: in_force

Every savings bank incorporated under this title shall have, subject to the restrictions and limitations contained in this title, the following powers: (1) To receive deposits of money, to invest the same in the property and securities prescribed in this title, to declare dividends in the manner prescribed in this title, and to exercise by its board of trustees or duly authorized officers or agents, subject to law, all such incidental powers as shall be necessary to carry on the business of a savings bank; (2) To issue transferable certificates showing the amounts contributed by any incorporator or trustee to the guaranty fund of such bank, or for the purpose of paying its expenses. Every such certificate shall show that it does not constitute a liability of the savings bank, except as otherwise provided in this title; (3) To purchase, hold and convey real property as prescribed in RCW 32.20.280 ; (4) To pay depositors as hereinafter provided, and when requested, pay them by drafts upon deposits to the credit of the savings bank in any city in the United States, and to charge current rates of exchange for such drafts; (5) To borrow money in pursuance of a resolution adopted by a vote of a majority of its board of trustees duly entered upon its minutes whereon shall be recorded by ayes and noes the vote of each trustee, for the purpose of repaying depositors, and to pledge or hypothecate securities as collateral for loans so obtained. Immediate written notice shall be given to the director of all amounts so borrowed, and of all assets so pledged or hypothecated; (6) Subject to such regulations and restrictions as the director finds to be necessary and proper, to borrow money in pursuance of a resolution, policy, or other governing document adopted by its board of trustees, for purposes other than that of repaying depositors and to pledge or hypothecate its assets as collateral for any such loans, provided that no amount shall at any time be borrowed by a savings bank pursuant to this subsection (6), if such amount, together with the amount then remaining unpaid upon prior borrowings by such savings bank pursuant to this subsection (6), exceeds thirty percent of the assets of the savings bank. The sale of securities or loans by a bank subject to an agreement to repurchase the securities or loans shall not be considered a borrowing. Borrowings from federal, state, or municipal governments or agencies or instrumentalities thereof shall not be subject to the limits of this subsection; (7) To collect or protest promissory notes or bills of exchange owned by such bank or held by it as collateral, and remit the proceeds of the collections by drafts upon deposits to the credit of the savings bank in any city in the United States, and to charge the usual rates or fees for such collection and remittance for such protest; (8) To sell gold or silver received in payment of interest or principal of obligations owned by the savings bank or from depositors in the ordinary course of business; (9) To act as insurance agent for the purpose of writing fire insurance on property in which the bank has an insurable interest, the property to be located in the city in which the bank is situated and in the immediate contiguous suburbs, notwithstanding anything in any other statute to the contrary; (10) To let vaults, safes, boxes or other receptacles for the safekeeping or storage of personal property, subject to laws and regulations applicable to, and with the powers possessed by, safe deposit companies; (11) To elect or appoint in such manner as it may determine all necessary or proper officers, agents, boards, and committees, to fix their compensation, subject to the provisions of this title, and to define their powers and duties, and to remove them at will; (12) To make and amend bylaws consistent with law for the management of its property and the conduct of its business; (13) To wind up and liquidate its business in accordance with this title; (14) To adopt and use a common seal and to alter the same at pleasure; (15) To exercise the powers and authorities conferred by *RCW 30.04.215 ; (16) To exercise the powers and authorities that may be carried on by a subsidiary of the savings bank that has been determined to be a prudent investment pursuant to RCW 32.20.380 ; (17) To do all other acts authorized by this title; (18) To exercise the powers and authorities that may be exercised by an insured state bank in compliance with 12 U.S.C. Sec. 1831a.
RCW 32.20.130 — Washington Code / Title 32 / Chapter 20 / Section 130
RCW 32.20.130: Bonds of irrigation, diking, drainage districts.
Status: in_force

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 which the bonds are issued, plus the amount of all other assessments of a local or special nature against the land assessed or liable to be assessed to pay the bonds, exceeds forty percent of the value of the benefited property, exclusive of improvements, at the time the bonds are purchased or taken by the bank, according to the actual valuation last placed upon the property for general taxation. Before any such bonds are purchased or taken as security the condition of the district's affairs shall be ascertained and the property of the district examined by at least two members of the board of investment of the mutual savings bank, who shall report in writing their findings and recommendations; and no bonds shall be taken unless such report is favorable, nor unless the executive committee of the board of trustees after careful investigation is satisfied of the validity of the bonds and of the sufficiency of the assessment or other means provided for payment thereof: PROVIDED, That no mutual savings bank shall invest a sum greater than three percent of its funds, or, in any event, more than three hundred thousand dollars, in the bonds of any one district described in this section.
RCW 32.16.012 — Washington Code / Title 32 / Chapter 16 / Section 012
RCW 32.16.012: Age requirements.
Status: in_force

The bylaws of a savings bank may prescribe a maximum age beyond which no person shall be eligible for election to the board of trustees and may prescribe a mandatory retirement age of seventy-five years or less for trustees subject to the following limitations: (1) No person shall be eligible for initial election as a trustee after December 31, 1969, who is seventy years of age or more; and (2) No person shall continue to serve as a trustee after December 31, 1973, who is seventy-five years of age or more and the office of any such trustee shall become vacant on the last day of the month in which the trustee reaches his or her seventy-fifth birthday or December 31, 1973, whichever is the latest. If a savings bank does not adopt a bylaw prescribing a mandatory retirement age for trustees prior to January 1, 1970, or does not maintain thereafter a bylaw prescribing a mandatory retirement age, the office of a trustee of such savings bank shall become vacant on the last day of the month in which such trustee reaches his or her seventieth birthday or on December 31, 1969, whichever is the latest.
RCW 32.20.265 — Washington Code / Title 32 / Chapter 20 / Section 265
RCW 32.20.265: Valuation of property to be mortgaged—Appraiser's opinion.
Status: in_force

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 writing of an appraiser appointed by the board of trustees of such bank.
RCW 32.08.130 — Washington Code / Title 32 / Chapter 08 / Section 130
RCW 32.08.130: Reimbursement fund.
Status: in_force

When the portion of the guaranty fund created from earnings amounts to not less than five thousand dollars (including in the case of a savings bank converted from a building and loan or savings and loan association or society the amount of the initial guaranty fund), the board of trustees, with the written consent of the director, may establish a reimbursement fund from which to repay contributors to the expense fund and the initial guaranty fund (excepting the initial guaranty fund in the case of a bank converted from a building and loan or savings and loan association or society), and may transfer to the reimbursement fund any unexpended balance of contributions to the expense fund. At the close of each dividend period the trustees may place to the credit of the reimbursement fund not more than one percent of the net earnings of the bank during that period. Payments from the reimbursement fund may be made from time to time in such amounts as the board of trustees shall determine, and shall be made first to the contributors to the expense fund in proportion to their contributions thereto until they shall have been repaid in full, and then shall be made to the contributors to the guaranty fund in proportion to their contributions thereto until they shall have been repaid in full. In case of the liquidation of the savings bank before the contributions to the expense fund and the initial guaranty fund have been fully repaid as above contemplated, any portion of the contributions not needed for the payment of the expenses of liquidation and the payment of depositors in full shall be paid to the contributors to the expense fund in proportion to their contributions thereto until they have been repaid in full, and then shall be paid to the contributors to the guaranty fund in proportion to their contributions thereto until they have been repaid in full.
RCW 32.08.148 — Washington Code / Title 32 / Chapter 08 / Section 148
RCW 32.08.148: Operation of branch outside Washington—Powers and authorities.
Status: in_force

In addition to all powers and authorities, express or implied, that a mutual savings bank has under the laws of this state, a mutual savings bank chartered under this title may exercise any powers and authorities at any branch outside Washington that are permissible for a savings bank operating in the jurisdiction where that branch is located, or for a bank, savings association, or similar financial institution operating in the jurisdiction if the laws of the jurisdiction do not provide for the operation of savings banks in the jurisdiction, except to the extent that the exercise of these powers and authorities is expressly prohibited or limited by the laws of this state or by any rule or order of the director applicable to the mutual savings bank. However, the director may waive any limitation in writing with respect to powers and authorities that the director determines do not threaten the safety or soundness of the mutual savings bank.
RCW 32.04.200 — Washington Code / Title 32 / Chapter 04 / Section 200
RCW 32.04.200: Capital notes or debentures.
Status: in_force

See chapter 30A.36 RCW.
RCW 32.20.230 — Washington Code / Title 32 / Chapter 20 / Section 230
RCW 32.20.230: Notes secured by investments.
Status: in_force

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 investments so pledged. Should any of the investments so held in pledge depreciate in value after the making of such loan, the savings bank shall require an immediate payment of such loan, or of a part thereof, or additional security therefor, so that the amount loaned thereon shall at no time exceed ninety percent of the market value of the investments so pledged for such loan.
RCW 32.32.040 — Washington Code / Title 32 / Chapter 32 / Section 040
RCW 32.32.040: Issuance of capital stock—Price.
Status: in_force

A converted savings bank or a holding company organized pursuant to chapter 32.34 RCW shall issue and sell capital stock at a total price equal to the estimated pro forma market value of the stock issued in connection with the conversion, based on an independent valuation, as provided in RCW 32.32.305 . In the conversion of a mutual savings bank or holding company, either of which is in the process of merging with, being acquired by, or consolidating with a stock savings bank, or a savings bank holding company owned by stockholders, or a subsidiary thereof, the following subsections apply: (1) The price per share of the shares offered for subscription and issued in the conversion shall be not less than the price reported for stock which is listed on a national or regional stock exchange, or the bid price for stock which is traded on the NASDAQ system, as of the day before any public offering or other completion of the sale of stock in the conversion: PROVIDED, That for stock not so listed and not traded on the NASDAQ system, and any stock whose price has been affected, as of the day specified above, by a violation of RCW 32.32.225 , the price per share shall be determined by the director, upon the submission of such information as the director may request. (2) The independent valuation as provided in RCW 32.32.305 shall determine the aggregate value of shares for which subscription rights are granted pursuant to RCW 32.32.045 , 32.32.050 , and 32.32.055 , rather than a price per share or number of shares as provided in RCW 32.32.290 , 32.32.325 , and 32.32.330 . This independent valuation may be replaced by a demonstration, to the satisfaction of the director, of the fairness of the price of the shares issued.
RCW 32.35.050 — Washington Code / Title 32 / Chapter 35 / Section 050
RCW 32.35.050: Approved articles to be filed and recorded—Organization complete.
Status: in_force

In case of approval the director shall immediately give notice to the proposed incorporators and file one of the copies of the articles of incorporation in his or her own office, and shall transmit another copy to the secretary of state, and the last to the incorporators. Upon receipt from the proposed incorporators of the fees as are required for filing and recording other articles of incorporation, the secretary of state shall file and record the articles. Upon the filing of articles of incorporation approved by the director with the secretary of state, all persons named in the articles and their successors shall become and be a corporation, which shall have the powers and be subject to the duties and obligations prescribed by this title, and whose existence shall continue from the date of the filing of such articles until terminated pursuant to law; but such corporation shall not transact any business except as is necessarily preliminary to its organization until it has received a certificate of authority.
RCW 32.32.115 — Washington Code / Title 32 / Chapter 32 / Section 115
RCW 32.32.115: Conditions on shares of stock subject to restriction on sale.
Status: in_force

In connection with shares of capital stock subject to restriction on sale for a period of time: (1) Each certificate for the stock shall bear a legend giving appropriate notice of the restriction; (2) Appropriate instructions shall be issued to the transfer agent for the capital stock with respect to applicable restrictions on transfer of any such restricted stock; and (3) Any shares issued as a stock dividend, stock split, or otherwise with respect to any such restricted stock shall be subject to the same restrictions as may apply to the restricted stock.
RCW 32.32.120 — Washington Code / Title 32 / Chapter 32 / Section 120
RCW 32.32.120: Registration of securities—Marketing of securities—Listing of shares on securities exchange or NASDAQ quotation system.
Status: in_force

A converted savings bank or holding company formed under chapter 32.34 RCW shall: (1) Promptly following its conversion register the securities issued in connection therewith pursuant to the Securities and Exchange Act of 1934 and undertake not to deregister the securities for a period of three years thereafter; (2) Use its best efforts to encourage and assist a market maker to establish and maintain a market for the securities issued in connection with the conversion; and (3) Use its best efforts to list those shares issued in connection with the conversion on a national or regional securities exchange or on the NASDAQ quotation system.
RCW 32.32.030 — Washington Code / Title 32 / Chapter 32 / Section 030
RCW 32.32.030: Prohibition on approval of certain applications for conversion.
Status: in_force

No application for conversion may be approved by the director if: (1) The plan of conversion adopted by the applicant's board of directors is not in accordance with this chapter; (2) The conversion would result in a reduction of the applicant's net worth below requirements established by the director; (3) The conversion may result in a taxable reorganization of the applicant under the United States Internal Revenue Code of 1954, as amended; or (4) The converted savings bank does not meet the insurance requirements as established by the director.
RCW 32.35.020 — Washington Code / Title 32 / Chapter 35 / Section 020
RCW 32.35.020: Notice of intention to organize—Proposed articles of incorporation—Contents.
Status: in_force

Persons desiring to incorporate a stock savings bank shall file with the director a notice of their intention to organize a stock savings bank in such form and containing such information as the director shall require, together with proposed articles of incorporation, which shall be submitted for examination to the director at his or her office. The proposed articles of incorporation shall state: (1) The name of the stock savings bank; (2) The city, village, or locality and county where the head office of the corporation is to be located; (3) The nature of its business, that of a stock savings bank; (4) The amount of its capital stock, which shall be divided into shares of a par or no par value as may be provided in the articles of incorporation; (5) The names and places of residence and mailing addresses of the persons who as directors are to manage the corporation until the first annual meeting of its stockholders; (6) If there is to be preferred or special classes of stock, a statement of preferences, voting rights, if any, limitations and relative rights in respect of the shares of each class; or a statement that the shares of each class shall have the attributes as shall be determined by the stock savings bank's board of directors from time to time with the approval of the director; (7) Any provision granting the shareholders the preemptive right to acquire additional shares of the stock savings bank and any provision granting shareholders the right to cumulate their votes; (8) Any provision, not inconsistent with law, which the incorporators elect to set forth in the articles of incorporation for the regulation of the affairs of the corporation, including any provision restricting the transfer of shares, any provision which under this title is required or permitted to be set forth in the bylaws, and any provision permitted by RCW 23B.17.030 ; (9) Any provision the incorporators elect to so set forth, not inconsistent with law or the purposes for which the stock savings bank is organized, or any provision limiting any of the powers granted in this title. It is not necessary to set forth in the articles of incorporation any of the corporate powers granted in this title. The articles of incorporation shall be signed by all of the incorporators.
RCW 32.08.153 — Washington Code / Title 32 / Chapter 08 / Section 153
RCW 32.08.153: Additional powers of savings bank—Powers and authorities of national banks on July 28, 1985, or a subsequent date not later than July 28, 2013—Definition—Restrictions.
Status: in_force

(1) Notwithstanding any restrictions, limitations, and requirements of law, in addition to all powers, express or implied, that a savings bank has under the laws of this state, a savings bank shall have the powers and authorities that any national bank had on July 28, 1985, or as of any subsequent date not later than July 28, 2013. (2) Notwithstanding any restrictions, limitations, and requirements of law, in addition to all powers, express or implied, that a savings bank has under the laws of this state, a savings bank has the powers and authorities conferred upon a national bank after July 28, 2013, only if the director finds that the exercise of such powers and authorities: (a) Serves the convenience and advantage of depositors and borrowers, or the general public; and (b) Maintains the fairness of competition and parity between savings banks and national banks. (3) For the purposes of this section, "powers and authorities" include without limitation powers and authorities in corporate governance and operational matters. (4) The restrictions, limitations, and requirements applicable to specific powers and authorities of national banks apply to savings banks exercising those powers and authorities permitted under this section but only insofar as the restrictions, limitations, and requirements relate to exercising the powers or authorities granted savings banks solely under this section. The director may require such a savings bank to provide notice prior to implementation of a plan to develop, improve, or continue holding an individual parcel of real estate, including capitalized and operating leases, acquired through any means in full or partial satisfaction of a debt previously contracted, under circumstances in which a national bank would be required to provide notice to the comptroller of the currency prior to implementation of such a plan. The director may adopt rules, orders, directives, standards, policies, memoranda, or other communications to specify guidance with regard to the exercise of the powers and authorities to expend such funds as are needed to enable such a savings bank to recover its total investment, to the fullest extent authorized for a national bank under the national bank act, 12 U.S.C. Sec. 29.
RCW 32.08.010 — Washington Code / Title 32 / Chapter 08 / Section 010
RCW 32.08.010: Authority to organize—Incorporators—Certificate.
Status: in_force

When authorized by the director, as hereinafter provided, not less than nine nor more than thirty persons may form a corporation to be known as a "mutual savings bank." Such persons must be citizens of the United States; at least four-fifths of them must be residents of this state, and at least two-thirds of them must be residents of the county where the bank is to be located and its business transacted. They shall subscribe an incorporation certificate in triplicate which shall specifically state: (1) The name by which the savings bank is to be known, which name shall include the words "mutual savings bank"; (2) The place where the bank is to be located, and its business transacted, naming the city or town and county; (3) The name, occupation, residence, and post office address of each incorporator; (4) The sums which each incorporator will contribute in cash to the initial guaranty fund, and to the expense fund respectively, as provided in RCW 32.08.090 and 32.08.100 ; (5) Any provision the incorporators elect to so set forth which is permitted by RCW 23B.17.030 ; (6) Any other provision the incorporators elect to so set forth which is not inconsistent with this chapter; (7) A declaration that each incorporator will accept the responsibilities and faithfully discharge the duties of a trustee of the savings bank, and is free from all the disqualifications specified in RCW 32.16.010 .
RCW 32.32.065 — Washington Code / Title 32 / Chapter 32 / Section 065
RCW 32.32.065: Limitation on subscription and purchase of shares by person with associate or group—Amount.
Status: in_force

The number of shares which any person together with any associate or group of persons acting in concert may subscribe for or purchase in the conversion shall not exceed five percent of the total offering of shares. For purposes of this section, the members of the converting savings bank's board of directors shall not be deemed to be associates or a group acting in concert solely as a result of their board membership.
RCW 32.32.015 — Washington Code / Title 32 / Chapter 32 / Section 015
RCW 32.32.015: Forms.
Status: in_force

The director may prescribe under this chapter such forms as the director deems appropriate for use by a mutual savings bank seeking to convert to a capital stock savings bank pursuant to this chapter.
RCW 32.32.395 — Washington Code / Title 32 / Chapter 32 / Section 395
RCW 32.32.395: Form and contents of filings.
Status: in_force

The form and contents of any filing made under this chapter need conform only to the applicable requirements and forms prescribed by the director then in effect, and contain the information, including financial statements, required at the time the filing is made, notwithstanding subsequent changes, except as otherwise provided in any such amendment or in RCW 32.32.400 .
RCW 32.04.170 — Washington Code / Title 32 / Chapter 04 / Section 170
RCW 32.04.170: Conversion to mutual savings bank of savings and loan association.
Status: in_force

See chapter 33.44 RCW.
RCW 32.98.010 — Washington Code / Title 32 / Chapter 98 / Section 010
RCW 32.98.010: Continuation of existing law.
Status: repealed

The provisions of this title insofar as they are substantially the same as statutory provisions repealed by this chapter and relating to the same subject matter, shall be construed as restatements and continuations, and not as new enactments.
RCW 32.04.270 — Washington Code / Title 32 / Chapter 04 / Section 270
RCW 32.04.270: Temporary cease and desist order—Injunction to set aside, limit, or suspend temporary order.
Status: in_force

(1) Within ten days after a savings bank or holding company has been served with a temporary cease and desist order, the savings bank or holding company may apply to the superior court in the county of its principal place of business for an injunction setting aside, limiting, or suspending the order pending the completion of the administrative proceedings pursuant to the notice served under RCW 32.04.250 . (2) The superior court shall have jurisdiction to issue the injunction.
RCW 32.20.330 — Washington Code / Title 32 / Chapter 20 / Section 330
RCW 32.20.330: Investments—Loans, preferred stock, or interest-bearing obligations—Restrictions.
Status: in_force

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 or corporations commonly accepted as industrial corporations or engaged in communications, transportation, agriculture, furnishing utility professional services, manufacturing, construction, mining, fishing, processing or merchandising of goods, food, or information, banking, or commercial or consumer financing, doing business or incorporated under the laws of the United States, or any state thereof, or the District of Columbia, or the Dominion of Canada, or any province thereof, subject to the following conditions: (1) Not more than two percent of the bank's funds shall be invested, pursuant to this section, in the aggregate of loans to and preferred stock and obligations of any person, as defined in *RCW 32.32.228 (1)(c), and such person's affiliates, as defined in RCW 32.32.025 (1), incorporating the definition of control in RCW 32.32.025 (8). (2) Such loans or securities shall be prudent investments. (3) Pursuant to this section, the total amount a savings bank may invest shall not exceed fifty percent of its funds, and not more than fifteen percent of the bank's funds may be invested in such loans to or securities of any industry.
RCW 32.16.050 — Washington Code / Title 32 / Chapter 16 / Section 050
RCW 32.16.050: Compensation of trustees.
Status: in_force

(1) A trustee of a savings bank shall not directly or indirectly receive any pay or emolument for services as trustee, except as provided in this section. (2) A trustee may receive, by affirmative vote of a majority of all the trustees, reasonable compensation for (a) attendance at meetings of the board of trustees; (b) service as an officer of the savings bank, provided his or her duties as officer require and receive his or her regular and faithful attendance at the savings bank; (c) service in appraising real property for the savings bank; and (d) service as a member of a committee of the board of trustees: PROVIDED, That a trustee receiving compensation for service as an officer pursuant to (b) shall not receive any additional compensation for service under (a), (c), or (d). (3) An attorney for a savings bank, although he or she is a trustee thereof, may receive a reasonable compensation for his or her professional services, including examinations and certificates of title to real property on which mortgage loans are made by the savings bank; or if the bank requires the borrowers to pay all expenses of searches, examinations, and certificates of title, including the drawing, perfecting, and recording of papers, such attorney may collect of the borrower and retain for his or her own use the usual fees for such services, excepting any commissions as broker or on account of placing or accepting such mortgage loans. (4) All incentive compensation, bonus, or supplemental compensation plans for officers and employees of a savings bank shall be approved by a majority of nonofficer trustees of the savings bank or approved by a committee of not less than three trustees, none of whom shall be officers of the savings bank. No such plan shall permit any officer or employee of a savings bank who has or exercises final authority with regard to any loan or investment to receive any commission on such loan or investment. (5) If an officer or attorney of a savings bank receives, on any loan made by the bank, any commission which he or she is not authorized by this section to retain for his or her own use, he or she shall immediately pay the same over to the savings bank.
RCW 32.98.030 — Washington Code / Title 32 / Chapter 98 / Section 030
RCW 32.98.030: Invalidity of part of title not to affect remainder.
Status: in_force

If any provision of this title, or its application to any person or circumstance is held invalid, the remainder of the title, or the application of the provision to other persons or circumstances is not affected.
RCW 32.32.465 — Washington Code / Title 32 / Chapter 32 / Section 465
RCW 32.32.465: Nonapplicability of RCW 32.32.450.
Status: in_force

Unless made applicable by the director by prior advice in writing, the prohibition contained in RCW 32.32.450 shall not apply to any offer or announcement of an offer which if consummated would result in acquisition by a person, together with all other acquisitions by the person of the same class of securities during the preceding twelve-month period, of not more than one percent of the same class of securities.
RCW 32.50.060 — Washington Code / Title 32 / Chapter 50 / Section 060
RCW 32.50.060: Suit filed after savings bank in conservatorship.
Status: in_force

Any suit filed against a savings bank, or its conservator, after the entrance of an order by the director placing such savings bank in conservatorship and while such order is in effect, shall be brought in the superior court of the county of its principal place of business and not elsewhere. The conservator appointed for such savings bank may file suit in the superior court of the county of its principal place of business or other court of competent jurisdiction against any person for the purpose of preserving, protecting, or recovering any asset or property of such savings bank, including claims or causes of action belonging to or which may be asserted by such savings bank.
RCW 32.12.050 — Washington Code / Title 32 / Chapter 12 / Section 050
RCW 32.12.050: Accounting—Entry of assets, real estate, securities, etc.
Status: in_force

(1) No savings bank shall by any system of accounting, or any device of bookkeeping, directly or indirectly, enter any of its assets upon its books in the name of any other individual, partnership, unincorporated association, or corporation, or under any title or designation that is not in accordance with the actual facts. (2) The bonds, notes, mortgages, or other interest bearing obligations purchased or acquired by a savings bank, shall not be entered on its books at more than the actual cost thereof, and shall not thereafter be carried upon its books for a longer period than until the next declaration of dividends, or in any event for more than one year, at a valuation exceeding their present cost as determined by amortization, that is, by deducting from the cost of any such security purchased for a sum in excess of the amount payable thereon at maturity and charging to "profit and loss" a sufficient sum to bring it to par at maturity, or adding to the cost of any such security purchased at less than the amount payable thereon at maturity and crediting to "profit and loss" a sufficient sum to bring it to par at maturity. (3) No such bank shall enter, or at any time carry on its books, the real estate and the building or buildings thereon used by it as its place of business at a valuation exceeding their actual cost to the bank. (4) Every such bank shall conform its methods of keeping its books and records to such orders in respect thereof as shall have been made and promulgated by the director. Any officer, agent, or employee of any savings bank who refuses or neglects to obey any such order shall be punished as hereinafter provided. (5) Real estate acquired by a savings bank, other than that acquired for use as a place of business, may be entered on the books of the bank at the actual cost thereof but shall not be carried beyond the current dividend period at an amount in excess of the amount of the debt in protection of which such real estate was acquired, plus the cost of any improvements thereto. An appraisal shall be made by a qualified person of every such parcel of real estate within six months from the date of conveyance. If the value at which such real estate is carried on the books is in excess of the value found on appraisal the book value shall, at the end of the dividend period during which such appraisal was made, be reduced to an amount not in excess of such appraised value. (6) No such bank shall enter or carry on its books any asset which has been disallowed by the director or the trustees of such bank, unless the director upon application by such savings bank has fixed a valuation at which such asset may be carried as permitted in subsection (7) of this section. (7) Notwithstanding the provisions of this section, no savings bank may maintain its books and records or enter and carry on its books any asset or liability at any valuation contrary to any accounting rules promulgated or adopted by the federal deposit insurance corporation or the director or contrary to generally accepted accounting principles.
RCW 32.24.040 — Washington Code / Title 32 / Chapter 24 / Section 040
RCW 32.24.040: Notice to correct unsafe conditions—Possession may be taken under specified circumstances.
Status: in_force

(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, or within such further time as the director may allow, then the director may take possession of such savings bank as in the case of insolvency. (2) The director is authorized to give notice and take possession of a savings bank, as described in subsection (1) of this section, under the following circumstances: (a) The obligations to its creditors, depositors, members, trust beneficiaries, if applicable, and others exceed its assets; (b) It has willfully violated a supervisory directive, cease and desist order, or other authorized directive or order of the director; (c) It has concealed its books, papers, records, or assets, or refused to submit its books, records, or affairs to any examiner of the department; (d) It is likely to be unable to pay its immediate obligations or meet its depositors' immediate demands in the normal course of business; (e) It ceases to have deposit insurance acceptable to the director; (f) It fails to submit a capital restoration plan acceptable to the department within a time previously called for or materially fails to implement a capital restoration plan that was previously submitted and accepted by the department; or (g) It is critically undercapitalized or otherwise has substantially insufficient capital.
RCW 32.32.275 — Washington Code / Title 32 / Chapter 32 / Section 275
RCW 32.32.275: Applications available for public inspection—Confidential information.
Status: in_force

Should the applicant desire to submit any information it deems to be of a confidential nature regarding any item or a part of any exhibit included in any application under this chapter, the information pertaining to the item or exhibit shall be separately bound and labeled "confidential", and a statement shall be submitted therewith briefly setting forth the grounds on which the information should be treated as confidential. Only general reference thereto need be made in that portion of the application which the applicant deems not to be confidential. Applications under this chapter shall be made available for inspection by the public, except for portions which are bound and labeled "confidential" and which the director determines to withhold from public availability under chapter 42.56 RCW. The applicant shall be advised of any decision by the director to make public information designated as "confidential" by the applicant. Even though sections of the application are considered "confidential" as far as public inspection thereof is concerned, to the extent the director deems necessary the director may comment on the confidential submissions in any public statement in connection with the director's decision on the application without prior notice to the applicant.
RCW 32.04.100 — Washington Code / Title 32 / Chapter 04 / Section 100
RCW 32.04.100: Penalty for falsification.
Status: in_force

Every person who knowingly subscribes to or makes or causes to be made any false statement or false entry in the books of any savings bank or its holding company, or knowingly subscribes to or exhibits any false or fictitious security, document or paper, with the intent to deceive any person authorized to examine into the affairs of any savings bank or its holding company, or makes or publishes any false statement of the amount of the assets or liabilities of any such savings bank or its holding company is guilty of a class B felony punishable according to chapter 9A.20 RCW.
RCW 32.04.250 — Washington Code / Title 32 / Chapter 04 / Section 250
RCW 32.04.250: Notice of charges—Reasons for issuance—Grounds—Contents of notice—Hearing—Cease and desist orders.
Status: in_force

(1) The director may issue and serve a notice of charges upon a savings bank when, in the opinion of the director: (a) It has engaged in an unsafe and unsound practice in conducting or in relation to its business; (b) It has violated any provision of RCW 32.04.015 ; or (c) It is planning, attempting, or currently conducting any act prohibited in (a) or (b) of this subsection. (2) The director may issue and serve a notice of charges upon a holding company when, in the opinion of the director: (a) The holding company has committed a violation of RCW 32.04.015 (2); (b) The conduct of the holding company has resulted in an unsafe and unsound practice at the savings bank or a violation of any provision of RCW 32.04.015 by the savings bank; or (c) The holding company is planning, attempting, or currently conducting any act prohibited in (a) or (b) of this subsection. (3) The notice shall contain a statement of the facts constituting the alleged violation or violations or the practice or practices and shall fix a time and place at which a hearing will be held to determine whether an order to cease and desist should issue against the savings bank or holding company. The hearing shall be set not earlier than ten days or later than thirty days after service of the notice, unless a later date is set by the director at the request of the savings bank or holding company. (4) Unless the savings bank or holding company shall appear at the hearing by a duly authorized representative, it shall be deemed to have consented to the issuance of the cease and desist order. In the event of this consent or if upon the record made at the hearing the director finds that any violation or practice specified in the notice of charges has been established, the director may issue and serve upon the savings bank or holding company an order to cease and desist from the violation or practice. The order may require the savings bank or holding company, and its trustees, officers, employees, and agents, to cease and desist from the violation or practice and may require the savings bank or holding company to take affirmative action to correct the conditions resulting from the violation or practice. (5) A cease and desist order shall become effective at the expiration of ten days after the service of the order upon the savings bank or holding company concerned, except that a cease and desist order issued upon consent shall become effective at the time specified in the order and shall remain effective as provided therein, unless it is stayed, modified, terminated, or set aside by action of the director or a reviewing court.
RCW 32.32.035 — Washington Code / Title 32 / Chapter 32 / Section 035
RCW 32.32.035: Requirements of plan of conversion.
Status: in_force

The plan of conversion shall contain all of the provisions set forth in RCW 32.32.040 through 32.32.125 .
RCW 32.34.040 — Washington Code / Title 32 / Chapter 34 / Section 040
RCW 32.34.040: Savings bank holding companies—Savings bank subsidiaries.
Status: in_force

(1) No savings bank having capital stock may establish a holding company to own all its stock without the approval of the director. Upon tender of their shares of the converted savings bank, the shareholders of the savings bank shall receive all the shares of the holding company which are outstanding at the time of this tender. (2) Any company owning more than twenty-five percent of the outstanding voting stock of a savings bank doing business under this Title 32 RCW shall, in addition to the restrictions of RCW 32.32.228 , be subject to regulation as a savings bank holding company. Any savings bank holding company which is not subject to regulation by the federal reserve board or the federal home loan bank board, and all holding company subsidiaries engaging in businesses which are not subject to regulation or licensing by the federal home loan bank board, the director, the commissioner of insurance, or the administrator authorized to regulate loan companies doing business under Title 31 RCW, will be subject to such regulation of accounting practices and of the qualifications of directors and officers, and such inspection and visitation by the director as the director shall deem appropriate, subject to the limitations imposed on regulation, inspection, and visitation of a savings bank under this title. In addition, any savings bank holding company and all holding company subsidiaries will be subject to visitation by the director as such shall deem appropriate, subject to the limitations imposed on visitation of a savings bank under this Title 32 RCW and under the supremacy clause of the Constitution of the United States. The savings bank subsidiary of this holding corporation may engage in subsequent mergers, consolidations, acquisitions, and conversions, only to the extent authorized by RCW 32.32.500 , and only upon complying with the applicable requirements in RCW 32.34.030 and this chapter. (3) In the event a savings bank forms a subsidiary to carry out any of the powers of savings banks under this title, any institution with which this subsidiary merges shall continue to be subject to regulation, inspection, and visitation by the director if the subsidiary is authorized to do business by Title 33 RCW.Credit life insurance and credit accident and health insurance shall be issued only in the following forms: (1) Individual policies of life insurance issued to debtors on the term plan; (2) Individual policies of accident and health insurance issued to debtors on a term plan, or disability benefit provisions in individual policies of credit life insurance; (3) Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan; (4) Group policies of accident and health insurance issued to creditors on a term plan insuring debtors, or disability benefit provisions in group credit life insurance policies to provide such coverage.
RCW 32.32.100 — Washington Code / Title 32 / Chapter 32 / Section 100
RCW 32.32.100: Capital stock—Voting rights.
Status: in_force

The holders of the capital stock of the converted savings bank shall have exclusive voting rights.
RCW 32.20.010 — Washington Code / Title 32 / Chapter 20 / Section 010
RCW 32.20.010: Definitions.
Status: in_force

The words "mutual savings bank" and "savings bank," whenever used in this chapter, shall mean a mutual savings bank organized and existing under the laws of the state of Washington. The words "its funds," whenever used in this chapter, shall mean and include moneys deposited with or borrowed by a mutual savings bank, sums credited to the guaranty fund of a mutual savings bank, and the income derived from such deposits or fund, or both, and the principal balance of any outstanding capital notes, and capital debentures.
RCW 32.32.515 — Washington Code / Title 32 / Chapter 32 / Section 515
RCW 32.32.515: Guaranty fund.
Status: in_force

The guaranty fund of a mutual savings bank converted under this chapter shall become surplus of the converted savings bank, but shall not be available after conversion for purposes other than those purposes for which a guaranty fund may be used by a mutual savings bank under Title 32 RCW. No contribution need be made to the guaranty fund by the converted savings bank after conversion. When any provision of any other chapter of this title refers to the amount of the guaranty fund for the purpose of determining the extent of the authority of a savings bank, and not for purposes of prescribing the use of funds in or contributions to the guaranty fund, such provision shall be deemed to refer to an amount including capital surplus and paid-in capital of a stock savings bank.
RCW 32.32.405 — Washington Code / Title 32 / Chapter 32 / Section 405
RCW 32.32.405: Application—Certain named persons—Filing of written consent required.
Status: in_force

(1) If any accountant, attorney, investment banker, appraiser, or other persons whose professions give authority to a statement made in any application under this chapter is named as having prepared, reviewed, passed upon, or certified any part thereof, or any report or valuation for use in connection therewith, the written consent of the person shall be filed with the application. If any portion of a report of an expert is quoted or summarized as such in any filing under this chapter, the written consent of the expert shall expressly state that the expert consents to this quotation or summarization. (2) All written consents filed pursuant to this section shall be dated and signed manually. A list of the consents shall be filed with the application. Where the consent of the expert is contained in the expert's report, a reference shall be made in the list to the report containing the consent.
RCW 32.08.116 — Washington Code / Title 32 / Chapter 08 / Section 116
RCW 32.08.116: Guaranty fund—Payment of interest and dividends—When authorized.
Status: in_force

A savings bank not having net earnings or undivided profits or other surplus may pay interest and dividends from its guaranty fund upon prior written approval of the director, which approval shall not be withheld unless the director has determined that such payments would place the savings bank in an unsafe and unsound condition.
RCW 32.08.157 — Washington Code / Title 32 / Chapter 08 / Section 157
RCW 32.08.157: Additional powers—Powers and authorities of banks.
Status: in_force

Notwithstanding any restrictions, limitations, and requirements of law, in addition to all powers, express or implied, that a mutual savings bank has under this title, a mutual savings bank has the powers and authorities that a bank has under *Title 30 RCW. As used in this section, "powers and authorities" include without limitation powers and authorities in corporate governance matters. The restrictions, limitations, and requirements applicable to specific powers or authorities of banks apply to mutual savings banks exercising those powers or authorities permitted under this section but only insofar as the restrictions, limitations, and requirements relate to exercising the powers or authorities granted mutual savings banks solely under this section.
RCW 32.04.120 — Washington Code / Title 32 / Chapter 04 / Section 120
RCW 32.04.120: Specific penalties invoked.
Status: in_force

The provisions of RCW 9.24.050 , 9.24.040 and 9.24.030 shall apply to the corporations authorized under this title.
RCW 32.08.040 — Washington Code / Title 32 / Chapter 08 / Section 040
RCW 32.08.040: Examination and action by director.
Status: in_force

When any such certificate has been filed for examination the director shall thereupon ascertain from the best source of information at his or her command, and by such investigation as he or she may deem necessary, whether the character, responsibility, and general fitness of the person or persons named in such certificate are such as to command confidence and warrant belief that the business of the proposed bank will be honestly and efficiently conducted in accordance with the intent and purpose of this title, and whether the public convenience and advantage will be promoted by allowing such proposed bank to be incorporated and engage in business, and whether greater convenience and access to a savings bank would be afforded to any considerable number of depositors by opening a mutual savings bank in the place designated, whether the population in the neighborhood of such place, and in the surrounding country, affords a reasonable promise of adequate support for the proposed bank, and whether the contributions to the initial guaranty fund and expense fund have been paid in cash. After the director has satisfied himself or herself by such investigation whether it is expedient and desirable to permit such proposed bank to be incorporated and engage in business, he or she shall within sixty days after the date of the filing of the certificate for examination indorse upon each of the triplicates thereof over his or her official signature the word "approved" or the word "refused," with the date of such indorsement. In case of refusal he or she shall forthwith return one of the triplicates so indorsed to the proposed incorporators from whom the certificate was received.
RCW 32.32.195 — Washington Code / Title 32 / Chapter 32 / Section 195
RCW 32.32.195: Liquidation account—Distribution upon complete liquidation.
Status: in_force

In the event of a complete liquidation of the converted savings bank (and only in this event), each eligible account holder and supplemental eligible account holder shall be entitled to receive a liquidation distribution from the liquidation account, in the amount of the then current adjusted subaccount balances for savings accounts then held, before any liquidation distribution may be made with respect to capital stock. No merger, consolidation, purchase of bulk assets with assumption of savings accounts and other liabilities, or similar transaction, in which the converted savings bank is not the survivor, is considered to be a complete liquidation for this purpose. In these transactions, the liquidation account shall be assumed by the surviving institution.
RCW 32.32.450 — Washington Code / Title 32 / Chapter 32 / Section 450
RCW 32.32.450: Certain offers and acquisitions prohibited.
Status: in_force

No person for a period of three years following the date of the conversion may directly or indirectly offer to acquire or acquire the beneficial ownership of more than ten percent of any class of an equity security of any savings bank converted in accordance with this chapter without the prior written approval of the director of financial institutions.
RCW 32.35.010 — Washington Code / Title 32 / Chapter 35 / Section 010
RCW 32.35.010: Incorporators—Paid-in capital stock, surplus, and undivided profits—Requirements.
Status: in_force

When authorized by the director, one or more natural persons, citizens of the United States, may incorporate a stock savings bank in the manner prescribed under this chapter. No stock savings bank may incorporate for less amount nor commence business unless it has a paid-in capital stock, surplus and undivided profits in the amount as may be determined by the director after consideration of the proposed location, management, and the population and economic characteristics for the area, the nature of the proposed activities and operation of the stock savings bank, and other factors deemed pertinent by the director. Before commencing business, each stock savings bank shall have subscribed and paid into it in the same manner as is required for capital stock, an amount equal to at least ten percent of the capital stock required, that shall be carried in the undivided profit account and may be used to defray organization and operating expenses of the company. Any sum not so used shall be transferred to the surplus fund of the company before any dividend shall be declared to the stockholders.
RCW 32.08.070 — Washington Code / Title 32 / Chapter 08 / Section 070
RCW 32.08.070: Authorization certificate.
Status: in_force

Before a mutual savings bank shall be authorized to do any business the director shall be satisfied that the corporation has in good faith complied with all the requirements of law and fulfilled all the conditions precedent to commencing business imposed by this title. If satisfied that the corporation has in good faith complied with all the requirements of law, and fulfilled all the conditions precedent to commencing business imposed by this title, the director shall within six months after the date upon which the proposed organization certificate was filed with him or her for examination, but in no case after the expiration of that period, issue under his or her hand and official seal in triplicate an authorization certificate to such corporation. Such authorization certificate shall state that the corporation therein named has complied with all the requirements of law, that it is authorized to transact at the place designated in its certificate of incorporation, the business of a mutual savings bank. One of the triplicate authorization certificates shall be transmitted by the director to the corporation therein named, and the other two authorization certificates shall be filed by the director in the same public offices where the certificate of incorporation is filed, and shall be attached to said incorporation certificate.
RCW 32.32.475 — Washington Code / Title 32 / Chapter 32 / Section 475
RCW 32.32.475: Penalty for violations.
Status: in_force

For willful violation or assistance of such a violation of any provision of RCW 32.32.440 through 32.32.470 , any person who (1) has any connection with the management of a converting or converted savings bank, including any director, officer, employee, attorney, or agent, or (2) controls more than ten percent of the outstanding shares of any class of equity security or voting rights thereto of a converting or converted savings bank shall be subject to a civil penalty of not more than five hundred dollars (which penalty shall be cumulative to any other remedies) for each day that the violation continues, which penalty the director may recover by suit or otherwise for the director's own use. The director in his or her discretion may, at any time before collection of the penalty (whether before or after the bringing of any action or other legal proceedings, the obtaining of any judgment or other recovery, or the issuance or levy of any execution or other legal process thereof), compromise or remit in whole or in part the penalty.
RCW 32.16.090 — Washington Code / Title 32 / Chapter 16 / Section 090
RCW 32.16.090: Removal of a board director, officer, or employee—Prohibition from participation in conduct of affairs—Grounds—Notice.
Status: in_force

The director may issue and serve a board director, officer, or employee of a savings bank with written notice of intent to remove the person from office or employment or to prohibit the person from participating in the conduct of the affairs of the savings bank or any other depository institution, trust company, bank holding company, thrift holding company, or financial holding company doing business in this state whenever, in the opinion of the director: (1)(a) Reasonable cause exists to believe the person has committed a material violation of law, an unsafe and unsound practice, or a violation or practice involving a breach of fiduciary duty, personal dishonesty, recklessness, or incompetence; and (b) The bank, trust company, or holding company has suffered or is likely to suffer substantial financial loss or other damage; or (c) The interests of depositors or trust beneficiaries could be seriously prejudiced by reason of the violation or practice. (2) The director may issue and serve a board director, officer, or employee of a holding company of a savings bank with written notice of intent to remove the person from office or employment or to prohibit the person from participating in the conduct of the affairs of the holding company, its subsidiary bank, or any other depository institution, trust company, bank holding company, thrift holding company, or financial holding company doing business in this state whenever, in the opinion of the director: (a) Reasonable cause exists to believe the person has committed a material violation of law, an unsafe and unsound practice, or a violation or practice involving a breach of fiduciary duty, personal dishonesty, recklessness, or incompetence; and (b) The subsidiary savings bank has suffered or is likely to suffer substantial financial loss or other damage; or (c) The interests of depositors or trust beneficiaries of the subsidiary savings bank could be seriously prejudiced by reason of the violation or practice.
RCW 32.16.080 — Washington Code / Title 32 / Chapter 16 / Section 080
RCW 32.16.080: Removal of trustees—Vacancies—Eligibility to reelection.
Status: in_force

(1) Whenever, in the judgment of three-fourths of the trustees, the conduct and habits of a trustee of any savings bank are of such character as to be injurious to such bank, or he or she has been guilty of acts that are detrimental or hostile to the interests of the bank, he or she may be removed from office, at any regular meeting of the trustees, by the affirmative vote of three-fourths of the total number thereof: PROVIDED, That a written copy of the charges made against him or her has been served upon him or her personally at least two weeks before such meeting, that the vote of such trustees by ayes and noes is entered in the record of the minutes of such meeting, and that such removal receives the written approval of the director which shall be attached to the minutes of such meeting and form a part of the record. (2) The office of a trustee of a savings bank shall immediately become vacant whenever he or she: (a) Fails to comply with any of the provisions of RCW 32.16.020 relating to his or her official oath and declaration; (b) Becomes disqualified for any of the reasons specified in RCW 32.16.010 (2); (c) Has failed to attend the regular meetings of the board of trustees, or to perform any of his or her duties as trustee, for a period of six successive months, unless excused by the board for such failure; (d) Violates any of the provisions of RCW 32.16.070 imposing restrictions upon trustees and officers, except subsection (2)(c) thereof. (3) A trustee who has forfeited or vacated his or her office shall not be eligible to reelection, except when the forfeiture or vacancy occurred solely by reason of his or her: (a) Failure to comply with the provisions of RCW 32.16.020 , relating to his or her official oath and declaration; or (b) Neglect of his or her official duties as prescribed in subsection (2)(c) of this section; or (c) Disqualification through becoming a nonresident, or becoming a trustee, officer, clerk or other employee of another savings bank, or becoming a director of a bank, trust company, or national banking association under the circumstances specified in RCW 32.16.070 (1)(b) and such disqualification has been removed.
RCW 32.12.070 — Washington Code / Title 32 / Chapter 12 / Section 070
RCW 32.12.070: Computation of earnings.
Status: in_force

(1) Gross current operating earnings. Every savings bank shall close its books, for the purpose of computing its net earnings, at the end of any period for which a dividend is to be paid, and in no event less frequently than semiannually. To determine the amount of gross earnings of a savings bank during any dividend period the following items may be included: (a) All earnings actually received during such period, less interest accrued and uncollected included in the last previous calculation of earnings; (b) Interest accrued and uncollected upon debts owing to it secured by authorized collateral, upon which there has been no default for more than one year, and upon corporate bonds, or other interest bearing obligations owned by it upon which there is no default; (c) The sums added to the cost of securities purchased for less than par as a result of amortization; (d) Any profits actually received during such period from the sale of securities, real estate or other property owned by it; (e) Such other items as the director, in his or her discretion and upon his or her written consent, may permit to be included. (2) Net current earnings. To determine the amount of its net earnings for each dividend period the following items shall be deducted from gross earnings: (a) All expenses paid or incurred, both ordinary and extraordinary, in the transaction of its business, the collection of its debts and the management of its affairs, less expenses incurred and interest accrued upon its debts deducted at the last previous calculation of net earnings for dividend purposes; (b) Interest paid or accrued and unpaid upon debts owing by it; (c) The amounts deducted through amortization from the cost of bonds or other interest bearing obligations purchased above par in order to bring them to par at maturity; (d) Contributions to any corporation or any community chest fund or foundation organized and operated exclusively for religious, charitable, scientific, literary or educational purposes, no part of the net earnings of which inures to the benefit of any private shareholder or individual and no substantial part of the activities of which is carrying on propaganda or otherwise attempting to influence legislation. The total contributions for any calendar year shall not exceed a sum equal to one-half of one percent of the net earnings of such savings bank for the preceding calendar year. The balance thus obtained shall constitute the net earnings of the savings bank for such period. (3) Earnings paid by a savings bank on deposits may be referred to as "dividends" or as "interest".
RCW 32.20.060 — Washington Code / Title 32 / Chapter 20 / Section 060
RCW 32.20.060: Bonds of other states.
Status: in_force

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.
RCW 32.12.010 — Washington Code / Title 32 / Chapter 12 / Section 010
RCW 32.12.010: Deposits by individuals governed by chapter 30.22 RCW—Other deposits which a savings bank may establish—Limitations.
Status: in_force

Deposits made by individuals in a mutual savings bank under this chapter are governed by *chapter 30.22 RCW. In addition, other deposits which a savings bank may establish include but are not limited to the following: (1) Deposits in the name of, or on behalf of, a partnership or other form of multiple ownership enterprise. (2) Deposits in the name of a corporation, society, or unincorporated association. (3) Deposits maintained by a person, society, or corporation as administrator, executor, guardian, or trustee under a will or trust agreement. Every such bank may limit the aggregate amount which an individual or any corporation or society may have to his or her or its credit to such sum as such bank may deem expedient to receive; and may in its discretion refuse to receive a deposit, or may at any time return all or any part of any deposits or require the withdrawal of any dividends or interest. Any account in excess of one hundred thousand dollars may only be accepted or held in accordance with such regulations as the director may establish.
RCW 32.32.497 — Washington Code / Title 32 / Chapter 32 / Section 497
RCW 32.32.497: Conversions incident to acquisition by savings bank holding company or merger or consolidation with savings bank holding company subsidiary—Application of RCW 32.32.110 and 32.32.115.
Status: in_force

(1) In a conversion of an unconverted mutual savings bank that is in the process of acquisition by a savings bank holding company or in the process of merger or consolidation with a subsidiary of a savings bank holding company, the restrictions imposed by RCW 32.32.110 on resale of stock apply to shares of the holding company purchased on original issue by any director or officer of the converting savings bank that is in the process of acquisition, merger, or consolidation, and the restrictions imposed by this chapter apply to the ownership of capital stock in the holding company with the same force and effect as they would apply to the ownership of capital stock of the unconverted mutual savings bank if shares of this savings bank were offered to depositors or the public pursuant to this chapter. (2) The tender of shares by directors and officers of a converted savings bank in exchange for shares of another converted savings bank, or for shares of a holding company, do not constitute a sale for purposes of RCW 32.32.110 . However, the restrictions of RCW 32.32.110 and 32.32.115 apply to the resale of the shares they receive in such an exchange with the same force and effect as to the shares of the converted savings bank they purchased on original issue for a period of three years following the date of such purchase on original issue.
RCW 32.16.130 — Washington Code / Title 32 / Chapter 16 / Section 130
RCW 32.16.130: Conversion of savings and loan association to mutual savings bank—Director may serve as trustee.
Status: in_force

In the event a savings and loan association is converted to a mutual savings bank, any person, who at the time of such conversion was a director of the savings and loan association, may serve as a trustee of the mutual savings bank until he or she reaches the age of seventy-five years or until one year following the date of conversion of such savings and loan association, whichever is later. The bylaws of any mutual savings bank may modify this provision by requiring earlier retirement of any trustee affected hereby.
RCW 32.08.110 — Washington Code / Title 32 / Chapter 08 / Section 110
RCW 32.08.110: Guaranty fund—Purpose.
Status: in_force

The contributions of the incorporators, or trustees of any such savings bank under the provisions of RCW 32.08.100 , and the sums credited thereto from its net earnings under the provisions of RCW 32.08.120 , shall constitute a guaranty fund for the security of its depositors, and shall be held to meet any contingency or loss in its business from depreciation of its securities or otherwise, and for no other purpose except as provided in RCW 32.08.130 , and RCW 32.12.090 (5).
RCW 32.20.030 — Washington Code / Title 32 / Chapter 20 / Section 030
RCW 32.20.030: Bonds or obligations of United States and Canada.
Status: in_force

A mutual savings bank may invest its funds in the bonds or obligations of the United States or the Dominion of Canada or those for which the faith of the United States or the Dominion of Canada is pledged to provide for the payment of the interest and principal, including bonds of the District of Columbia: PROVIDED, That in the case of bonds of the Dominion or those for which its faith is pledged the interest and principal is payable in the United States or with exchange to a city in the United States and in lawful money of the United States or its equivalent.
RCW 32.32.385 — Washington Code / Title 32 / Chapter 32 / Section 385
RCW 32.32.385: Omission of certain information permitted—Conditions.
Status: in_force

Information required need be given only insofar as it is known or reasonably available to the applicant. If any required information is unknown and not reasonably available to the applicant, either because the obtaining thereof would involve unreasonable effort or expense or because it rests peculiarly within the knowledge of another person not affiliated with the applicant, the information may be omitted, subject to the following conditions: (1) The applicant shall give such information on the subject as it possesses or can acquire without unreasonable effort or expense, together with the sources thereof. (2) The applicant shall include a statement either showing that unreasonable effort or expense would be involved or indicating the absence of any affiliation with the person within whose knowledge the information rests and stating the result of a request made to the person for the information.
RCW 32.20.253 — Washington Code / Title 32 / Chapter 20 / Section 253
RCW 32.20.253: Loans secured by real estate, mobile homes, movable buildings.
Status: in_force

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 restrictions as the board of trustees shall from time to time establish.
RCW 32.04.015 — Washington Code / Title 32 / Chapter 04 / Section 015
RCW 32.04.015: Duty to comply—Violations—Penalty.
Status: in_force

(1) Each savings bank and its directors, officers, employees, and agents, shall comply with: (a) This title and chapter 11.100 RCW as applicable to each of them; (b) The rules adopted by the department with respect to savings banks; (c) Any lawful direction or order of the director; (d) Any lawful supervisory agreement with the director; and (e) The applicable statutes, rules, and regulations administered by the board of governors of the federal reserve system, the federal office of thrift supervision, and the federal deposit insurance corporation with respect to savings banks and holding companies. (2) Each holding company, and its directors, officers, employees, and agents, shall comply with: (a) The provisions of this title that are applicable to each of them; (b) The rules of the department that are applicable with respect to holding companies; (c) Any lawful direction or order of the director; (d) Any lawful supervisory agreement with the director; and (e) The applicable statutes, rules, and regulations administered by the board of governors of the federal reserve system or the federal office of thrift supervision, or applicable successor agency, with respect to holding companies, the violation of which would result in an unsafe and unsound practice or material violation of law with respect to the subsidiary savings bank of the holding company. (3) The violation of any supervisory agreement, directive, order, statute, rule, or regulation referenced in this section, in addition to any other penalty provided in this title, shall, at the option of the director, subject the offender to a penalty of up to ten thousand dollars for each offense, payable upon issuance of any order or directive of the director, which may be recovered by the attorney general in a civil action in the name of the department.
RCW 32.24.100 — Washington Code / Title 32 / Chapter 24 / Section 100
RCW 32.24.100: Payment or acquisition of deposit liabilities by federal deposit insurance corporation—Not hindered by judicial review—Liability.
Status: in_force

The pendency of any proceedings for judicial review of the director's actions in taking possession and control of a mutual savings bank and its assets for the purpose of liquidation shall not operate to defer, delay, impede, or prevent the payment or acquisition by the federal deposit insurance corporation of the deposit liabilities of the mutual savings bank which are insured by the corporation. During the pendency of any proceedings for judicial review, the director shall make available to the federal deposit insurance corporation such facilities in or of the mutual savings bank and such books, records, and other relevant data of the mutual savings bank as may be necessary or appropriate to enable the corporation to pay out or to acquire the insured deposit liabilities of the mutual savings bank. The federal deposit insurance corporation and its directors, officers, agents, and employees, the director, and his or her agents and employees shall be free from liability to the mutual savings bank, its directors, stockholders, and creditors for or on account of any action taken in connection herewith.
RCW 32.32.365 — Washington Code / Title 32 / Chapter 32 / Section 365
RCW 32.32.365: Representations upon filing of application.
Status: in_force

Except as provided in RCW 32.32.370 , the filing of any application or amendment thereto under this chapter shall constitute a representation of the applicant by its duly authorized representative, the applicant's principal executive officer, the applicant's principal financial officer, and the applicant's principal accounting officer, and each member of the applicant's board of directors (whether or not the director has signed the application or any amendment thereto) severally that (1) he or she has read the application or amendment, (2) in the opinion of each such person he or she has made such examination and investigation as is necessary to enable him or her to express an informed opinion that the application or amendment complies to the best of his or her knowledge and belief with the applicable requirements of this chapter, and (3) each such person holds this informed opinion.
RCW 32.35.055 — Washington Code / Title 32 / Chapter 35 / Section 055
RCW 32.35.055: Amending articles—Filing with director—Contents.
Status: in_force

A stock savings bank amending its articles of incorporation shall deliver articles of amendment to the director for filing as required for articles of incorporation. The articles of amendment shall set forth: (1) The name of the stock savings bank; (2) The text of each amendment adopted; (3) The date of each amendment's adoption; (4) If the amendment was adopted by the incorporators or board of directors without shareholder action, a statement to that effect and that shareholder action was not required; and (5) If shareholder action was required, a statement that the amendment was duly approved by the shareholders in accordance with the provisions of RCW 32.32.490 .
RCW 32.32.470 — Washington Code / Title 32 / Chapter 32 / Section 470
RCW 32.32.470: Approval of certain applications prohibited.
Status: in_force

The director shall not approve an application involving an offer for, an announcement thereof, or an acquisition of any security of a converted savings bank submitted under RCW 32.32.450 if the director finds that the offer frustrates the purposes of this chapter, is manipulative or deceptive, subverts the fairness of the conversion, is likely to result in injury to the savings bank, is not consistent with savings banking under Title 32 RCW, or is otherwise violative of law or regulation.
RCW 32.32.480 — Washington Code / Title 32 / Chapter 32 / Section 480
RCW 32.32.480: Name of converted savings bank.
Status: in_force

A savings bank shall not be forbidden or required to change its corporate name as a result of its conversion pursuant to this chapter.
RCW 32.24.050 — Washington Code / Title 32 / Chapter 24 / Section 050
RCW 32.24.050: Director may order levy of assessment—Liquidation of bank in unsound condition or insolvent.
Status: in_force

(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 insolvent, the director may notify such savings bank to levy an assessment on its stock, if any, or otherwise to make good such impairment or offense or other delinquency within such time and in such manner as the director may specify, or if the director deems necessary, the director may take possession thereof without notice. (2) Upon taking possession of any savings bank, the director shall forthwith proceed to liquidate the business, affairs, and assets thereof and such liquidation shall be had in accordance with the provisions of law governing the liquidation of insolvent banks and savings banks.
RCW 32.08.080 — Washington Code / Title 32 / Chapter 08 / Section 080
RCW 32.08.080: Conditions precedent to reception of deposits.
Status: in_force

Before such corporation shall be authorized to receive deposits or transact business other than the completion of its organization, the director shall be satisfied that: (1) The incorporators have made the deposit of the initial guaranty fund required by this title; (2) The incorporators have made the deposit of the expense fund required by RCW 32.08.090 and if the director shall so require, have entered into the agreement or undertaking with him or her and have filed the same and the security therefor as prescribed in said section; (3) The corporation has transmitted to the director the name, residence, and post office address of each officer of the corporation; (4) Its certificate of incorporation in triplicate has been filed in the respective public offices designated in this title.
RCW 32.04.010 — Washington Code / Title 32 / Chapter 04 / Section 010
RCW 32.04.010: Scope of title.
Status: in_force

This title shall not be construed as amending or repealing any other law of the state authorizing the incorporation of banks or regulating the same, but shall be deemed to be additional legislation for the sole purpose of authorizing the incorporation and operation of mutual savings banks and mutual savings banks converted under chapter 32.32 RCW to stock form, as herein prescribed. Savings banks incorporated on the stock plan, other than converted mutual savings banks, and other stock banks having savings departments as authorized by *RCW 30.20.060 , or by any other law of the state heretofore or hereafter enacted, shall not be in any manner affected by the provisions of this title, or any amendment thereto.
RCW 32.04.012 — Washington Code / Title 32 / Chapter 04 / Section 012
RCW 32.04.012: Limits on loans and extensions of credit.
Status: in_force

Notwithstanding any other provisions of this title, a savings bank is subject to the same limits on loans and extensions of credit, and exceptions thereto, as set forth in *RCW 30.04.111 .
RCW 32.32.355 — Washington Code / Title 32 / Chapter 32 / Section 355
RCW 32.32.355: Continuity of corporate existence.
Status: in_force

Upon the filing of the articles of incorporation of a converted savings bank with the secretary of state in accordance with RCW 32.32.485 , the corporate existence of the mutual savings bank converting to a stock savings bank pursuant to this chapter shall not terminate but the converted savings bank shall be deemed to be a continuation of the entity of the mutual savings bank so converted having the same rights and obligations as it had prior to the conversion.
RCW 32.32.495 — Washington Code / Title 32 / Chapter 32 / Section 495
RCW 32.32.495: Directors—Election—Meetings—Quorum—Oath—Vacancies.
Status: in_force

(1) Every converted savings bank shall be managed by not less than five directors, except that a bank having a capital of fifty thousand dollars or less may have only three directors. Directors shall be elected by the stockholders and hold office for one year and until their successors are elected and have qualified. In the first instance the directors shall be those named in the articles of incorporation and afterwards, those elected at the annual meeting of the stockholders to be held at least once each year on a day to be specified by the converted savings bank's bylaws but not later than May 15th of each year. If for any cause an election is not held at that time, it may be held at an adjourned meeting or at a subsequent meeting called for that purpose in the manner prescribed by the corporation's bylaws. Each director shall be a resident of a state of the United States. The directors shall meet at least nine times each year and whenever required by the director. A majority of the board of directors shall constitute a quorum for the transaction of business. At all stockholders' meetings, each share shall be entitled to one vote, unless the articles of incorporation provide otherwise. Any stockholder may vote in person or by written proxy. (2) If the board of directors consists of nine or more members, in lieu of electing the entire number of directors annually, the converted savings bank's articles of incorporation or bylaws may provide that the directors be divided into either two or three classes, each class to be as nearly equal in number as possible, the term of office of directors of the first class to expire at the first annual meeting of shareholders after their election, that of the second class to expire at the second annual meeting after their election, and that of the third class, if any, to expire at the third annual meeting after their election. At each annual meeting after such classification, the number of directors equal to the number of the class whose term expires at the time of such meeting shall be elected to hold office until the second succeeding annual meeting, if there are two classes, or until the third succeeding annual meeting, if there are three classes. A classification of directors shall not be effective prior to the first annual meeting of shareholders. (3) Each director, so far as the duty devolves upon him or her, shall diligently and honestly administer the affairs of the corporation and shall not knowingly violate or willingly permit to be violated any provision of law applicable to the corporation. (4) A vacancy occurring in the board of directors may be filled by the affirmative vote of a majority of the remaining directors. A director elected to fill a vacancy shall be elected for the unexpired term of the director's predecessor in office. A directorship to be filled by reason of an increase in the number of directors may be filled by the board of directors for a term of office continuing only until the next election of directors by the shareholders.
RCW 32.32.260 — Washington Code / Title 32 / Chapter 32 / Section 260
RCW 32.32.260: Statement, letter, and press release—Contents prohibited—Inquiries.
Status: in_force

The statement, letter, and press release of the applicant issued pursuant to RCW 32.32.250 shall not include financial statements or describe the benefits of conversion or the value of the capital stock of the savings bank upon conversion. In replying to inquiries, the savings bank should limit its answers to the matters listed in RCW 32.32.255 .
RCW 32.32.360 — Washington Code / Title 32 / Chapter 32 / Section 360
RCW 32.32.360: Form of application.
Status: in_force

The form of the application shall comply with the requirements of the director.
RCW 32.32.370 — Washington Code / Title 32 / Chapter 32 / Section 370
RCW 32.32.370: Representations upon filing of application—Exception.
Status: in_force

The representations specified in RCW 32.32.365 shall not be deemed to have been made by any director of the applicant who did not sign the application or any amendment thereto, if, and only to the extent that, the director files with the director within ten business days after the filing of the application or amendment a statement describing those portions of the filing as to which he or she does not so represent.
RCW 32.32.430 — Washington Code / Title 32 / Chapter 32 / Section 430
RCW 32.32.430: Postconversion reports.
Status: in_force

The applicant shall file such postconversion reports concerning its conversion as the director may require.
RCW 32.32.320 — Washington Code / Title 32 / Chapter 32 / Section 320
RCW 32.32.320: Order forms—Final offering circular and detailed instructions.
Status: in_force

Each order form distributed pursuant to RCW 32.32.315 shall be accompanied or preceded by the final offering circular for the subscription offering and a set of detailed instructions explaining how to properly complete the order forms.
RCW 32.32.190 — Washington Code / Title 32 / Chapter 32 / Section 190
RCW 32.32.190: Liquidation account—Maintenance required—Subaccounts.
Status: in_force

The liquidation account shall be maintained by the converted savings bank for the benefit of eligible account holders and supplemental eligible account holders who maintain their savings accounts in the bank. Each such eligible account holder shall, with respect to each savings account, have a related inchoate interest in a portion of the liquidation account balance ("subaccount").
RCW 32.08.090 — Washington Code / Title 32 / Chapter 08 / Section 090
RCW 32.08.090: Expense fund—Agreement to contribute further—Security.
Status: in_force

Before any mutual savings bank shall be authorized to do business, its incorporators shall create an expense fund from which the expense of organizing such bank and its operating expenses may be paid, until such time as its earnings are sufficient to pay its operating expenses in addition to such dividends as may be declared and credited to its depositors from its earnings. The incorporators shall deposit to the credit of such savings bank in cash as an expense fund the sum of five thousand dollars. They shall also enter into such an agreement or undertaking with the director as trustee for the depositors with the savings bank as he or she may require to make such further contributions in cash to the expense fund as may be necessary to pay its operating expenses until such time as it can pay them from its earnings, in addition to such dividends as may be declared and credited to its depositors. Such agreement or undertaking shall fix the maximum liability assumed thereby which shall be a reasonable amount approved by the director and the same shall be secured to his or her satisfaction, which security in his or her discretion may be by a surety bond executed by a domestic or foreign corporation authorized to transact within this state the business of surety. The agreement or undertaking and security shall be filed in the office of the director. Such agreement or undertaking and such security need not be made or furnished unless the director shall require the same. The amounts contributed to the expense fund of said savings bank by the incorporators or trustees shall not constitute a liability of the savings bank except as hereinafter provided.
RCW 32.08.145 — Washington Code / Title 32 / Chapter 08 / Section 145
RCW 32.08.145: Safe deposit companies.
Status: in_force

See chapter 22.28 RCW.
RCW 32.32.200 — Washington Code / Title 32 / Chapter 32 / Section 200
RCW 32.32.200: Liquidation account—Determination of subaccount balances.
Status: in_force

The initial subaccount balance for a savings account held by an eligible account holder and/or supplemental eligible account holder shall be determined by multiplying the opening balance in the liquidation account by a fraction of which the numerator is the amount of qualifying deposits in the savings account on the eligibility record date and/or the supplemental eligibility record date and the denominator is the total amount of qualifying deposits of all eligible account holders and supplemental eligible account holders in the converting savings bank on these dates. For savings accounts in existence at both dates, separate subaccounts shall be determined on the basis of the qualifying deposits in these savings accounts on these record dates. The initial subaccount balances shall not be increased, and it shall be subject to downward adjustment as provided in RCW 32.32.205 .
RCW 32.40.020 — Washington Code / Title 32 / Chapter 40 / Section 020
RCW 32.40.020: Approval and disapproval of applications—Consideration of performance record in meeting community credit needs.
Status: in_force

Whenever the director must approve or disapprove of an application for a new branch or satellite facility; for a purchase of assets, a merger, an acquisition or a conversion not required for solvency reasons; or for authority to engage in a business activity, the director shall consider, among other factors, the record of performance of the applicant in helping to meet the credit needs of the applicant's entire community, including low and moderate-income neighborhoods. Assessment of an applicant's record of performance may be the basis for denying an application.