SB 476 - This act modifies provisions relating to banking. The act repeals a provision requiring bank examiners to be members of a political party. All employees of the division of finance shall be required to take an oath that, in part, provides they shall not reveal the condition or affairs of any financial institution regulated by the division of finance. The director of the Division of Finance is authorized to compel the attendance of witnesses and production of documents in an examination or investigation. The director may seek judicial enforcement of a subpoena by application to an appropriate court. Current law authorizes the director to seek the removal of a corporate officer subject to the regulation of the division for certain malfeasance. The act extends such authority to officers of financial institutions. The act removes a requirement that the division must petition the circuit court where a bank is located for an order appointing the FDIC as liquidating agent of a bank. When a bank restates its articles of agreement, the act sets forth a procedure for the bank to amend its articles of incorporation at the same time. Currently, a bank must seek the approval of the division to open a branch office. A drop box for deposit purposes shall not be considered a branch. A branch office can be temporarily closed for any reasonable period of time for repairs or purposes decided by the board of directors, provided notice is posted at the entrance and given to the division of finance. Any loan or extension of credit to an officer or director of a bank must be made in accordance with Federal Reserve Board regulations. The act repeals sections setting forth requirements for banks maintaining reserves against aggregate deposits. In its place, the act requires banks and trust companies to maintain reserves against aggregate deposits as provided by the Federal Reserve Act. A bank's required surplus fund cannot be created or increased by the net earnings of the bank. A bank must account for every item of income and expense to determine the amount of net income or loss for a dividend period. The term "foreign corporation" is changed to "out-of-state bank or trust company" and includes a federally regulated thrift institution. Unless such out-of-state bank or trust company verifies to the division it satisfies certain capital requirements and maintains a bond for faithful performance of fiduciary duties, the director may require a bond of at least one million dollars. JIM ERTLE