N.Y. Banking Law § 224: Application for the establishment of branches or trust offices not resulting from an acquisition transaction; retention of branches or tr...

§ 224. Application for the establishment of branches or trust offices

not resulting from an acquisition transaction; retention of branches or

trust offices resulting from merger or acquisition. 1. An application

for approval to the superintendent containing such information as he or

she deems necessary shall be submitted by an out-of-state state bank

prior to the establishment of each branch. 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 for which approval is sought. If the superintendent finds that

the opening of the branch 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. An out-of-state

state bank or out-of-state state-chartered trust company seeking to

establish one or more trust offices in this state shall comply with the

notice procedures set forth in subdivision four of section one hundred

thirty-one of this chapter.

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 or trust office or trust offices 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.