224 - Establishment of additional branches by out-of-state state banks.
§ 224. Establishment of additional branches by out-of-state state banks. 1. Subject to the provisions of this article, an out-of-state state bank which maintains one or more branches in this state may open and occupy one or more additional de novo branches in this state with prior approval of the superintendent. An application for approval submitted pursuant to this section shall contain such information as the superintendent deems necessary. At the time of making such application, an investigation fee as prescribed pursuant to section eighteen-a of this chapter shall be paid to the superintendent for each branch office for which approval is sought. If the superintendent finds that the opening of the branch office is not consistent with the declaration of policy set forth in section ten of this chapter, he or she shall notify the applicant that the application has been denied. 2. Subject to the provisions of this article, if the merger or acquisition agreement so provides, an out-of-state state bank may maintain as a branch or branches the place or places of business of any banking institution which it has received into itself as a result of an acquisition transaction authorized by this article. 3. No out-of-state state bank shall open, occupy or maintain a branch in this state at a location not permitted to a like-type banking organization.