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Bill would loosen residency rules to let Nebraska state‑chartered banks recruit out‑of‑state directors
Summary
LB 250 would modernize Nebraska’s board‑residency statute (Neb. Rev. Stat. 8‑126) to allow a bank’s board majority to meet residency requirements by living in Nebraska, within 25 miles of the main office, or in a county where the bank or its branches are located; proponents said the change helps multistate community banks recruit expertise while preserving department oversight.
Senator Mike Jacobson introduced LB 250, a bill proposed at the request of the Nebraska Bankers Association to modernize residency requirements for state‑chartered bank directors.
Jacobson said the measure updates a statute with roots in the mid‑20th century and would require state‑chartered banks to make "reasonable efforts" to have a majority of directors who meet one of three residency criteria: reside in Nebraska, live within 25 miles of the bank’s main office, or live in the county of the main office or in a county where the bank has branches.
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