N.Y. Banking Law § 28-C Branch Office Closings; Report to and Action By the Superintendent

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 777
• Year: 2023
• Citation: N.Y. Banking Law § 28-C

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. The requirements of this section shall not apply to the following:

(a) branch offices located outside the state of New York;

(b) a sale or other transfer of a branch office which does not result in any material reduction in the financial services offered at such location;

(c) the closing of a branch office acquired from a failing or failed institution, provided that such closing occurs within one hundred eighty days from the date of the acquisition; or

(d) the closing of a branch office when unexpected circumstances make strict compliance impossible, provided that such determination shall be solely within the discretion of the superintendent and provided further that the superintendent may require the banking organization to comply with the requirements of this section to the extent possible.

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 eighty 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organization submits its report pursuant to the foregoing provision and until the proposed closing is effected or withdrawn.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 the following information, provided that the superintendent may waive or modify these requirements for good cause: