Department of Commerce - Miscellaneous Provisions - Procedures for relocating a banking office.

Published: 2019-11-22

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(A) A bank that intends to relocate a banking office within a one-mile radius of the banking office's current location shall, not less than thirty days prior to the effective date of relocation, give the superintendent of financial institutions written notice that includes:

(1) The present and new address of the office to be relocated;

(2) The date the office will open for business in the new location;

(3) How the bank will publicize the relocation; and

(4) A map of the office's new service area with the present and new locations marked.

(B) If federal law requires a bank to give written notice to its federal regulator that meets or exceeds any of the requirements of paragraph (A) of this rule, then the bank may satisfy the requirements of paragraph (A) of this rule by submitting the same notice to the superintendent that the bank submitted to its federal regulator.

(C) For purposes of this rule, the relocation of a banking office includes the consolidation of that office with one or more banking offices within the present service area.

(D) If the date of the relocation stated in the written notice as required by paragraph (A) of this rule changes, the bank shall notify the superintendent in writing of the new date.

(E) In addition to the specific requirements of this rule, the superintendent may at any time require of the bank any other information or actions the superintendent deems necessary or relevant under the circumstances of the relocation.

(F) In emergency circumstances, the superintendent may establish an alternate time period for any time period stated within this rule.