§ 4941 Bank Conversion Approval

• •A big national bank can change into a California state bank if the boss (commissioner) says okay.
• •A federal bank can switch to a different type of California bank if the boss agrees.
• •They have to follow both California rules and federal rules to do this.

A big bank like Bank of America wants to become a California state bank instead of a national bank.

They can do this if the California banking boss says yes, but they have to follow both California and federal rules to make the change.