New York Consolidated Laws, Banking Law - BNK § 202-d. Foreign banking corporation may not maintain both agencies and branches in this state

No foreign banking corporation licensed to maintain one or more agencies in this state shall be licensed to maintain a branch in this state except upon termination of the operation of such agency or agencies;  and no foreign banking corporation licensed to maintain one or more branches in this state shall be licensed to maintain an agency in this state except upon termination of the operation of such branch or branches.