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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 85. State Banking Department |
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Chapter 10. Supervision, Regulation and Administration of Banks, Trust Companies, and the Oklahoma Banking Code |
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Subchapter 9. New Banks, Branches, and Other Facilities |
SECTION 85:10-9-6. Branch closing
Latest version.
- (a) A bank may discontinue a branch office with the approval of the Commissioner. In order to gain approval, the bank must:(1) submit to the Commissioner a resolution of its board of directors authorizing the closing;(2) post a notice of the closing at both the branch location and the main office of the bank for thirty (30) days prior to the closing. Said notice shall state the effective date of the closing and indicate the location of the bank's closest office;(3) submit to the Commissioner an affidavit stating that the notice posting requirement has been met;(4) either publish notice of the closing once a week for two (2) weeks in a legal newspaper in general circulation in the community where the branch is located or furnish written notice to depositors and safe deposit box holders at the branch to be closed; and(5) submit to the Commissioner a copy of the notices required by subsections (a)(2) and (a)(4) of this Section.(b) The Commissioner shall approve the branch closing absent compelling reasons for denial.(c) The requirements of subsection (a) of this section do not apply when:(1) the bank posts notice of the closing at both the branch location being closed and the main office of the bank for thirty (30) days prior to the closing; and(2) the bank operates an existing branch location within two miles of the branch being closed.(3) The notice posted pursuant to this subsection must include the date of the closing and information (including address and operating hours) of the nearest operating branch location of the bank.