2006 New York Code - 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  provision and until the proposed closing is effected or withdrawn.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
  banking  services in the community to be affected. Such finding shall be
  made public. If  the  superintendent  finds  that  the  availability  of
  banking  services  in  a particular geographic area or community will be
  significantly reduced by the closing of a particular branch  office,  he
  shall  conduct  such  meetings  with banking organizations and community
  leaders as are necessary, in his judgment, to explore the feasibility of
  replacing such branch with other adequate banking facilities.
    5. In this section:
    (a)  "banking  organization"  means  and  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  branches  as  defined  by  general regulation of the banking
  board, but shall include a public accommodation office;
    (c) "financial services" means and 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"  means  and  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.