§ 6.1-194.121. Change of branch office location
A. A state savings bank shall not change the permanent location of a branch office without the prior approval of the Commission. An application to change the location of a branch office shall be made in writing in such form as may be prescribed by the Commission. Such application shall be approved by the Commission if the Commission finds that the change in location is in the public interest.
B. 1. Notwithstanding the provisions of subsection A of this section, a state savings bank may change the permanent location of a branch office, without applying for the approval of the Commission, if the new location will be within a one-mile radius of the old location of such branch office.
2. A state savings bank shall notify the Commissioner in writing, in such form as may be prescribed by the Commissioner, at least sixty days before such office relocation and may proceed with the relocation unless, within thirty days of receipt of the notice, the Commissioner notifies the savings bank that the relocation does not satisfy the criteria set forth in the last sentence of subsection A of this section, in which case the savings bank must file an application and obtain the approval of the Commission in accordance with subsection A of this section. The savings bank shall also notify the Commissioner in writing that the office relocation has been completed within ten days after the opening of the office at its new location.
C. The provisions of this section shall also apply to the relocation of the main office of a state savings bank if the savings bank intends to accept deposits at the new location of the main office.
(1991, c. 230.)
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