Chase’s plan for “non-banks” was halted.
The large New York bank was prohibited from opening offices in California by a restraining order issued last Friday in a Florida federal court, pending the outcome of a lawsuit by the Independent Bankers Assn. and the Community Bankers of Florida. The groups are challenging a federal provision that allows banks to cross state lines by opening offices that offer checking accounts or commercial loans but not both. Chase Manhattan planned to open such financial offices later this month in Newport Beach, La Jolla, Palo Alto and Walnut Creek.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
