Service centers: Definition; establishment.
1. As used in this section, “service center” is a place where functions of a bank are performed that do not involve the receiving of deposits, making of loans or withdrawals or handling of cash.
2. Banks organized under this title may establish and maintain one or more service centers within or outside this state according to their needs.
3. A service center may be established by a bank by the vote of its board of directors. The bank shall inform the Commissioner in writing of its intention to establish a service center and the location thereof.
4. A service center does not constitute branch banking. No license, certificate or prior approval of the Commissioner, of the Division of Financial Institutions or of the Department of Business and Industry is necessary before a service center may be established.
Last modified: February 26, 2006