28-C - Branch office closings; report to and action by the superintendent.

§ 28-c.   Branch   office  closings;  report  to  and  action  by  the  superintendent.  1.  This   section   is   intended   to   provide   the  superintendent  with detailed information concerning the planned closing  of  branch  offices  by  state-chartered  banking   organizations,   the  availability  of  alternative financial services within the general area  served by such  branch  and  the  economic  impact  upon  the  community  resulting  from  such  closing,  and  to provide the superintendent with  authority to conduct meetings with banking organizations  and  community  groups in areas where a branch closing is planned.    2.  Every  banking  organization  shall submit to the superintendent a  report of its planned or intended closing of a branch office, and  shall  give  written  notice  to  any  person  who  maintains a banking account  relationship with such branch  office  which  is  the  subject  of  such  planned  or intended closing, no less than ninety days nor more than one  hundred twenty days prior to the date of  actual  closing.  The  banking  organization shall post and keep posted in a conspicuous place notice of  such  planned  closing at such branch office, commencing on the date the  banking organization  submits  its  report  pursuant  to  the  foregoing  provision and until the proposed closing is effected or withdrawn.    3.  Such  report  shall be in writing and shall contain a statement of  the reasons leading  to  the  decision  to  close  the  branch  and  any  statistical  or  other information in support thereof. Such report shall  be and remain at all times subject to the provisions of subdivision  ten  of section thirty-six of this chapter. Such report shall also contain:    (a)  a  past  (at  least three years), present and projected financial  analysis of deposits at such  branch  (giving  number  of  accounts  and  dollar amount, profits and losses);    (b)  a  past  (at  least three years), present and projected financial  analysis of profits and losses relating to the  loan  activity  at  such  branch;    (c)  a  detailed map of the general area served by such branch showing  the distance and direction of all remaining state or federally chartered  institutions within such area and any licensee of the  department  which  provides financial services of any kind; and    (d)  a  description  of  any  planned  limited or full service banking  facility to be opened within such area by either the  reporting  banking  organization or, if known, to the reporting banking organization, by any  other banking institution.    4.  The  superintendent  shall make a finding as to whether or not the  proposed branch closing  will  result  in  a  significant  reduction  of  financial  services  in the community to be affected. Such finding shall  be made public. If the superintendent finds  that  the  availability  of  financial  services in a particular geographic area or community will be  significantly reduced by the closing of a particular branch  office,  he  or  she  shall  conduct  such  meetings  with  banking organizations and  community leaders as are necessary, in his or her judgment,  to  explore  the  feasibility  of  replacing  such branch with other adequate banking  facilities.    5. In this section:    (a) "banking organization" includes each bank, trust company,  savings  bank,  and  savings  and  loan association as those terms are defined in  section two of this chapter and each out-of-state state bank  authorized  to  operate  and  maintain  a  branch pursuant to article five-C of this  chapter;    (b)  "branch  office",  "branch",  or  "office"  shall   not   include  electronic  facilities  as  defined by general regulation of the banking  board, but shall include a public accommodation office;(c) "financial services" includes demand and  time  deposit  accounts,  check  cashing  services,  deposit  and withdrawal transactions, sale of  bank  or  travellers  checks   and   money   orders,   processing   loan  applications,  acceptance  of loan repayments, and any related services;  and    (d)  "facility"  and  "facilities"  includes  any building, structure,  vehicle, unit, machine, or device, permanent  or  temporary,  mobile  or  stationary,  which  provides or dispenses financial services of any kind  or description.    6. No provision of this section or  any  rule  or  regulation  adopted  pursuant  thereto  shall be deemed or construed as impairing the ability  of any banking organization to close any branch office  after  complying  with the provisions of subdivision two of this section.