City's ethnic banks cultivate Garden State. (New Jersey)

New banking law offers opportunity, but finding right location is tough

Korea Commercial Bank of New York, eager to expand beyond its three branches in key Korean immigrant markets in New York City, wanted to go next to burgeoning Korean enclaves in Bergen County.

But it needed an act of the New Jersey Legislature to make its strategy practical. In April 1996, New Jersey passed an interstate branching law that allows out-of-state banks to easily enter the state by purchasing a local branch that is already open for business.

Edward W. Park, Korea Commercia