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BOARD OF
or
GOVERNORS
THE
FEDERAL RESERVE SYSTEM
Office Correspondence
To
From
Chairman Eccles
Date
March u, m?.
Subjects
/ R. F. Leonard
({^
banking.
Legislation is pending i n New Jersey to permit branch
The State department has informed the Reserve Bank that
i t had already received a v i s i t from the president of a national
bank, who stated that they were seriously considering withdrawal
from the national system and becoming a nonmember State bank i n
order to be permitted to establish a branch, i f the legislation is
passed.
The Reserve Bank has received an application for withdrawal from membership by a State bank for the stated reason that
i t can not have out-of-town branches.
@FedFRASER