Guam § 106601 - Branch Banks.
Full text of Guam Guam Code Annotated § 106601 — Branch Banks., with citation guidance and answers to common questions.
§ 106601. Branch Banks.
(a) As used in this Article, unless a different meaning is required by the context, the following words
and phrases shall have the following meanings:
(1) “Branch” means a place of business of a bank, other than the bank’s main office, at which
deposits are received, loan payments are received, cash is dispensed or money is lent. A customer-
bank communication terminal, also commonly known as an “automated teller machine,” or “ATM,”
is not a branch.
COL 2025-04-22
(2) “Out-of-state bank” has the meaning set forth in §106351 of this Chapter.
(3) “Interstate merger transaction” has the meaning set forth in §106351 of this Chapter.”
(b) A bank engaging in the banking business in Guam pursuant to the provisions of this Title may
operate one (1) or more branches within Guam, and, subject to the approval of the Banking and Insurance
Board, may establish or acquire additional branches upon showing that
(1) there is sufficient need for such branch,
(2) the proposed branch has reasonable opportunity to be economically self-sustaining, and
(3) the applicant demonstrates by clear and convincing evidence that the establishment and
operation of such branch will promote community reinvestment and fair lending.
(c) The application to establish any branch bank shall be considered by the Board after a public hearing
at which all interested parties may present their comment.
(d) No out-of-state bank having a branch office in Guam as of the effective date of this Act may
establish any additional branches except and until it engages in an interstate merger transaction with a
territorial bank.
(e) Installing additional customer-bank communication terminals at a bank’s main office or existing
branches shall not be considered as the establishment of an additional branch.
(f) Every application for an additional branch, relocation of a branch or closing of a branch is subject
to a licensing fee of Five Hundred Dollars ($500.00) and such license shall be subject to an annual renewal.
Frequently Asked Questions About Guam § 106601
What does Guam Code Annotated § 106601 cover?
Section 106601 ("Branch Banks.") is part of the Guam Code Annotated, the codified statutory law of Guam. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Guam § 106601?
A common citation format is "Guam Code Annotated § 106601" (Guam). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 106601 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Guam.