§ 6.1-194.119. Offices and other facilities of state savings banks; approval of branch offices required
A. A state savings bank may establish and operate such offices and other facilities as are authorized by its board of directors. However, a state savings bank shall not establish a branch office, or other office or facility where deposits are accepted, without obtaining the prior approval of the Commission as provided in subsection B of this section. Prior to establishing, relocating or permanently closing any office or other facility of the savings bank or any of its affiliates, the savings bank shall give at least thirty days' written notice to the Commissioner, in such form as may be prescribed by the Commissioner. The savings bank shall also give written notice to the Commissioner, in such form as may be prescribed by the Commissioner, within ten days after it has established, relocated or permanently closed any such office or other facility.
B. Applications for authorization to establish a branch office, or other office or facility where deposits are accepted, shall be made in writing, in such form as may be prescribed by the Commission. Upon review of a state savings bank's application and any other information which the Commission may reasonably require, the Commission shall approve the establishment of such office or facility if it is satisfied that the public interest will be served thereby and that the applicant has sufficient capital to warrant additional expansion. Such offices or facilities may be closed without the prior approval of the Commission. However, written notice of the closing of such an office shall be given to the Commissioner as provided in subsection A of this section.
(1991, c. 230.)
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