3 AAC 02.215 [Effective 12/27/2023] Application For a Branch Bank Or Change of Permanent Location

• Library: Alaska Administrative Code
• Edition: 2023
• Currency: Current through November 28, 2023
• Citation: 3 AAC 02.215
• Year: 2023

(a) A state bank shall apply to the department for a certificate of authority to operate a branch bank or to change the permanent location of an existing branch or the home office. The application must be on a form provided by the department and contain the information required under (b) of this section, including the address of the permanent location at which the state bank or branch bank will operate, to enable the department to determine whether a certificate of authority should be issue.

(b) The following information must accompany a bank's application for a new branch bank or a change of permanent location of an existing branch bank or the home office:

(1) the address of the permanent location at which the home office or existing branch office will operate;

(2) a completed FDIC branch or change of location application which may be obtained directly from the FDIC;

(3) payment of $1,000 made payable to the State of Alaska, in a format determined by the department, in partial payment of the investigation expenses incurred by the department under AS 06undefined06.01.010;

(4) a statement as to whether the proposed office or branch bank will operate on owned or leased property and, if leased, a copy of all proposed lease documents; all proposed lease documents must contain a bankruptcy clause;

(5) a balance sheet and a statement of income and expenses for the bank current as of a date not later than 30 days preceding the application;

(6) a list of the banking services to be offered by the proposed office or branch bank;

(7) a brief economic analysis that supports the need for and feasibility of the proposed office or branch bank;

(8) if an international bank, the information required under AS 06undefined06.05.555; and

(9) additional information requested by the department.

(c) No bank may conduct a banking business through a branch office without a certificate of authority issued by the department. The certificate of authority must be prominently and publicly displayed in that branch office.

(d) Upon written request from a bank and after reviewing the past reports of examination of the bank and finding that the bank is in compliance with the department's recommendations in those reports, the department may waive any of the application requirements set out...