Oklahoma § 6-1714 - Establishment of additional offices outside of this state

§ 6-1714. Establishment of additional offices outside of this state

A. A state bank, a state trust company, or a savings

association chartered under the laws of this state may establish and

maintain a new trust office or a representative trust office or

acquire and maintain an office in a state other than this state.

Such a trust institution desiring to establish or acquire and

maintain an office in another state under this section shall file a

notice on a form prescribed by the Commissioner. The notice shall

set forth the name of the trust institution, the location of the

proposed office, whether the office will be a trust office or a

representative trust office, and whether the laws of the

jurisdiction where the office will be located permit the office to

be maintained by the trust institution. The trust institution shall

also furnish a copy of the resolution adopted by the board

authorizing the out-of-state office, and pay a fee equal to that for

bank branch offices if the office is to be a trust office or the fee

equal to that for bank loan production offices if the office is to

be a representative trust office.

B. The notificant may commence business at the additional

office on the thirty-first day after the date the Commissioner

receives the notice, unless the Commissioner specifies an earlier or

later date.

C. The thirty-day period of review may be extended by the

Commissioner on a determination that the written notice raises

issues that require additional information or additional time for an

analysis. If the period of review is extended, the trust

institution may establish the additional office only on prior

written approval by the Commissioner.

D. The Commissioner may deny approval of the additional office

if the Commissioner finds that the notificant lacks sufficient

financial resources to undertake the proposed expansion without

adversely affecting its safety or soundness or that the proposed

office would be contrary to the public interest. In acting on the

notice, the Commissioner shall consider the views of the appropriate

bank supervisory agencies.

Added by Laws 1998, c. 104, § 14, eff. Nov. 1, 1998. Amended by

Laws 2003, c. 180, § 7, eff. Nov. 1, 2003.