(a) A State savingsbank may apply to the Commissioner of Banks for permission to establish abranch office. The application shall be in the form prescribed by theCommissioner of Banks and shall be accompanied by the proper branch applicationfee. The Commissioner of Banks shall approve or deny branch applications within120 days of filing.
(b) The Commissioner ofBanks shall approve a branch application when all of the following criteria aremet:
(1) The applicant hasgross assets of at least ten million dollars ($10,000,000).
(2) The applicant hasevidenced financial responsibility.
(3) The applicant has anet worth equal to or exceeding the amount required by the insurer of depositaccounts.
(4) The applicant has anacceptable internal control system that includes certain basic internal controlrequirements essential to the protection of assets and the promotion ofoperational efficiency regardless of the size of the applicant.
(c) Upon receipt of abranch application, the Commissioner of Banks shall examine or cause to beexamined all the relevant facts connected with the establishment of theproposed branch office. If it appears to the satisfaction of the Commissionerof Banks that the applicant has complied with all the requirements set forth inthis section and the regulations for the establishment of a branch office andthat the savings bank is otherwise lawfully entitled to establish the branchoffice, then the Commissioner of Banks shall approve the branch application.
(d) Not more than 10days following the filing of the branch application with the Commissioner ofBanks, the applicant shall cause a notice to be published in a newspaper ofgeneral circulation in the area to be served by the proposed branch office. Thenotice shall contain:
(1) A statement that thebranch application has been filed with the Commissioner of Banks;
(2) The proposed addressof the branch office, including city or town and street; and
(3) A statement that anyinterested or affected party may file a written statement with the Commissionerof Banks, within 30 days of the date of the publication of the notice,protesting the establishment of the proposed branch office and requesting ahearing before the Commissioner of Banks on the application.
(e) Any interested oraffected party may file a written statement with the Commissioner of Bankswithin 30 days of the date of initial publication of the branch applicationnotice, protesting the establishment of the proposed branch office andrequesting a hearing before the Commissioner of Banks on the application. If ahearing is held on the branch application, the Commissioner of Banks shallreceive information and hear testimony only from the applicant and from anyinterested or affected party that is relevant to the branch application and theoperation of the proposed branch office. The Commissioner of Banks shall issuethe final decision on the branch application within 30 days following thehearing. The final decision shall be in accordance with Chapter 150B of theGeneral Statutes.
(f) If a hearing isnot held on the branch application, the Commissioner of Banks shall issue thefinal decision within 120 days of the filing of the application. The finaldecision shall be in accordance with Chapter 150B of the General Statutes.
(g) A party to a branchapplication may appeal the final decision of the Commissioner of Banks to theCommission at any time after the final decision, but not later than 30 daysafter a written copy of the final decision is served upon the party and theparty's attorney of record by personal service or by certified mail. Failure tofile an appeal within the time stated shall operate as a waiver of the right ofthe party to review by the Commission and by a court of competent jurisdiction inaccordance with Chapter 150B of the General Statutes, relating to judicialreview. (1991,c. 680, s. 1; 2001‑193, s. 16.)
(a) A State savingsbank may apply to the Commissioner of Banks for permission to establish abranch office. The application shall be in the form prescribed by theCommissioner of Banks and shall be accompanied by the proper branch applicationfee. The Commissioner of Banks shall approve or deny branch applications within120 days of filing.
(b) The Commissioner ofBanks shall approve a branch application when all of the following criteria aremet:
(1) The applicant hasgross assets of at least ten million dollars ($10,000,000).
(2) The applicant hasevidenced financial responsibility.
(3) The applicant has anet worth equal to or exceeding the amount required by the insurer of depositaccounts.
(4) The applicant has anacceptable internal control system that includes certain basic internal controlrequirements essential to the protection of assets and the promotion ofoperational efficiency regardless of the size of the applicant.
(c) Upon receipt of abranch application, the Commissioner of Banks shall examine or cause to beexamined all the relevant facts connected with the establishment of theproposed branch office. If it appears to the satisfaction of the Commissionerof Banks that the applicant has complied with all the requirements set forth inthis section and the regulations for the establishment of a branch office andthat the savings bank is otherwise lawfully entitled to establish the branchoffice, then the Commissioner of Banks shall approve the branch application.
(d) Not more than 10days following the filing of the branch application with the Commissioner ofBanks, the applicant shall cause a notice to be published in a newspaper ofgeneral circulation in the area to be served by the proposed branch office. Thenotice shall contain:
(1) A statement that thebranch application has been filed with the Commissioner of Banks;
(2) The proposed addressof the branch office, including city or town and street; and
(3) A statement that anyinterested or affected party may file a written statement with the Commissionerof Banks, within 30 days of the date of the publication of the notice,protesting the establishment of the proposed branch office and requesting ahearing before the Commissioner of Banks on the application.
(e) Any interested oraffected party may file a written statement with the Commissioner of Bankswithin 30 days of the date of initial publication of the branch applicationnotice, protesting the establishment of the proposed branch office andrequesting a hearing before the Commissioner of Banks on the application. If ahearing is held on the branch application, the Commissioner of Banks shallreceive information and hear testimony only from the applicant and from anyinterested or affected party that is relevant to the branch application and theoperation of the proposed branch office. The Commissioner of Banks shall issuethe final decision on the branch application within 30 days following thehearing. The final decision shall be in accordance with Chapter 150B of theGeneral Statutes.
(f) If a hearing isnot held on the branch application, the Commissioner of Banks shall issue thefinal decision within 120 days of the filing of the application. The finaldecision shall be in accordance with Chapter 150B of the General Statutes.
(g) A party to a branchapplication may appeal the final decision of the Commissioner of Banks to theCommission at any time after the final decision, but not later than 30 daysafter a written copy of the final decision is served upon the party and theparty's attorney of record by personal service or by certified mail. Failure tofile an appeal within the time stated shall operate as a waiver of the right ofthe party to review by the Commission and by a court of competent jurisdiction inaccordance with Chapter 150B of the General Statutes, relating to judicialreview. (1991,c. 680, s. 1; 2001‑193, s. 16.)
(a) A State savingsbank may apply to the Commissioner of Banks for permission to establish abranch office. The application shall be in the form prescribed by theCommissioner of Banks and shall be accompanied by the proper branch applicationfee. The Commissioner of Banks shall approve or deny branch applications within120 days of filing.
(b) The Commissioner ofBanks shall approve a branch application when all of the following criteria aremet:
(1) The applicant hasgross assets of at least ten million dollars ($10,000,000).
(2) The applicant hasevidenced financial responsibility.
(3) The applicant has anet worth equal to or exceeding the amount required by the insurer of depositaccounts.
(4) The applicant has anacceptable internal control system that includes certain basic internal controlrequirements essential to the protection of assets and the promotion ofoperational efficiency regardless of the size of the applicant.
(c) Upon receipt of abranch application, the Commissioner of Banks shall examine or cause to beexamined all the relevant facts connected with the establishment of theproposed branch office. If it appears to the satisfaction of the Commissionerof Banks that the applicant has complied with all the requirements set forth inthis section and the regulations for the establishment of a branch office andthat the savings bank is otherwise lawfully entitled to establish the branchoffice, then the Commissioner of Banks shall approve the branch application.
(d) Not more than 10days following the filing of the branch application with the Commissioner ofBanks, the applicant shall cause a notice to be published in a newspaper ofgeneral circulation in the area to be served by the proposed branch office. Thenotice shall contain:
(1) A statement that thebranch application has been filed with the Commissioner of Banks;
(2) The proposed addressof the branch office, including city or town and street; and
(3) A statement that anyinterested or affected party may file a written statement with the Commissionerof Banks, within 30 days of the date of the publication of the notice,protesting the establishment of the proposed branch office and requesting ahearing before the Commissioner of Banks on the application.
(e) Any interested oraffected party may file a written statement with the Commissioner of Bankswithin 30 days of the date of initial publication of the branch applicationnotice, protesting the establishment of the proposed branch office andrequesting a hearing before the Commissioner of Banks on the application. If ahearing is held on the branch application, the Commissioner of Banks shallreceive information and hear testimony only from the applicant and from anyinterested or affected party that is relevant to the branch application and theoperation of the proposed branch office. The Commissioner of Banks shall issuethe final decision on the branch application within 30 days following thehearing. The final decision shall be in accordance with Chapter 150B of theGeneral Statutes.
(f) If a hearing isnot held on the branch application, the Commissioner of Banks shall issue thefinal decision within 120 days of the filing of the application. The finaldecision shall be in accordance with Chapter 150B of the General Statutes.
(g) A party to a branchapplication may appeal the final decision of the Commissioner of Banks to theCommission at any time after the final decision, but not later than 30 daysafter a written copy of the final decision is served upon the party and theparty's attorney of record by personal service or by certified mail. Failure tofile an appeal within the time stated shall operate as a waiver of the right ofthe party to review by the Commission and by a court of competent jurisdiction inaccordance with Chapter 150B of the General Statutes, relating to judicialreview. (1991,c. 680, s. 1; 2001‑193, s. 16.)
