Interstate Banking Act of 1985

[AI summary unavailable — showing source text] Interstate Banking Act of 1985 - Amends the Bank Holding Company Act of 1956 to allow a State to permit the acquisition of a State bank by an out-of-State bank holding company on the basis of the location of such company. Authorizes, two years after enactment of this Act, the Board of Governors of the Federal Reserve System to approve an application permitting a bank holding company of one State to merge with or acquire a bank holding company of a contiguous State or a State within the same Federal Reserve district. Repeals restrictions on interstate banking acquisitions by bank holding companies four years after enactment of this Act.…