§ 23-51-174 — Out-of-state offices

(a) A state bank, a state trust company, or a savings association chartered under the laws of this state may establish and maintain a new trust office or acquire and maintain an office in a state other than this state. Such a trust institution desiring to establish or acquire and maintain an office in another state under this section shall file a notice on a form prescribed by the Bank Commissioner, which shall set forth the name of the trust institution, the location of the proposed office, and a general description of the surrounding area, whether the location will be owned or leased, and whether the laws of the jurisdiction where the office will be located permit the office to be maintained by the trust institution, furnish a copy of the resolution adopted by the board authorizing the out-of-state office, and pay the filing fee, if any, prescribed by the commissioner. (b) The notificant may commence business at the additional office thirty (30) days after the date the commissioner receives the notice, unless the commissioner specifies another date. (c) The thirty-day period of review may be extended by the commissioner on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the trust institution may establish the additional office only on prior written approval by the commissioner. (d) The commissioner may deny approval of the additional office if the commissioner finds that the notificant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office would be contrary to the public interest. In acting on the notice, the commissioner shall consider the views of the appropriate bank supervisory agencies.

Legislative History

Acts 1997, No. 940, § 74.