N.J. Admin. Code § 3:1-2.4

Current through Register Vol. 56, No. 24, December 18, 2024

Section 3:1-2.4 - Branch application of out-of-State banks and out-of-State associations

(a) An application by an out-of-State bank that has no branch offices in New Jersey to acquire a branch office in this State shall contain the following items:

1. A completed current application form, containing the name of the depository, the name of the depository selling the branch and the location of the applied for branch;

2. The required application filing fee;

3. An opinion of counsel that the out-of-State bank is authorized to acquire a branch in New Jersey;

4. If the out-of-State bank intends to immediately relocate the branch to a new location in this State, the exact location of the proposed relocation; and

5. A copy of the application filed with the home state regulator.

(b) An out-of-State bank or out-of-State association, that has at least one branch office in this State, may establish additional branch offices in this State by filing a notice with the Department, so long as the out-of-State bank or out-of-State association is adequately capitalized, will be adequately capitalized and managed after the branch is established, and has achieved sufficient compliance with the Community Reinvestment Act. The out-of-State bank or out-of-State association shall send notice to the New Jersey Bankers Association, or its successor organization, if any, for publication in their weekly bulletins.

N.J. Admin. Code § 3:1-2.4

Amended by 47 N.J.R. 709(a), effective 4/6/2015.