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California Law (Last Updated: March 4, 2014) |
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Financial Code - FIN |
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Division 1.1. BANKING |
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Chapter 4. Bank Offices |
Section 1078.
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(a) A bank may close or discontinue the operation of any branch office if, before the closing or discontinuance, (1) the bank files with the commissioner a notice containing the information in subdivision (b), and (2) the commissioner within 60 days after the filing of the notice or any longer period to which the bank consents, filing of the notice or any longer period to which the bank consents, either (A) issues a written statement not objecting to the notice, or (B) does not issue a written objection to the notice.
(b) (1) A notice filed under subdivision (a) shall contain all of the following information:
(A) The name of the California state bank.
(B) The location of the branch office proposed to be closed or discontinued.
(C) The location of the office to which the business of the branch office proposed to be closed or discontinued is proposed to be transferred.
(D) The proposed date of closing or discontinuance.
(E) A detailed statement of the reasons for the decision to close the branch office.
(F) Statistical or other information in support of the reasons consistent with the institution's written policy for branch office closings.
(G) Any other information that the commissioner may require.
(2) A notice filed under subdivision (a) shall be in the form, shall be signed in the manner, and shall, if the commissioner requires, be verified in the manner that the commissioner may require.
(c) For purposes of subdivision (a), a notice is deemed to be filed with the commissioner at the time when the complete notice, including any amendments or supplements, containing all the information required by the commissioner, and otherwise complying with subdivision (b), is received by the commissioner.
(d) In determining whether or not to object to a notice filed under subdivision (a), except if the commissioner finds that it is necessary in the interests of safety and soundness that the branch office be closed or discontinued, the commissioner shall consider whether the closing or discontinuance of the branch office will have a seriously adverse effect on the public convenience or advantage.