The U.S. District Court here has ruled that banks converting to federal charters may retain businesses permitted only to state banks.

The ruling, announced Wednesday, upholds a 1995 decision by the Office of the Comptroller of the Currency allowing Magna Bank, St. Louis, to keep its insurance sales offices regardless of their location. National banks are required to base insurance operations in communities with fewer than 5,000 residents.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.