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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-53. Authorization of new branches

Current as of January 01, 2025 | Updated by Findlaw Staff

<The Savings Association Code of 1967, 7 P.S. §§ 6020-1 to 6020-254, has been repealed by Act 2013, June 24, P.L. 67, No. 23, §§ 1 to 107, effective in one year [June 24, 2014], but remains in full force and effect as to transactions and proceedings commenced prior to said repeal, pursuant to Act 2013-23, § 109.>

(a) Upon a merger, consolidation or conversion of a Federal savings and loan association into a State association the resulting association may with the prior written approval of the department maintain as branches, in addition to its principal place of business, every office which was maintained prior to the merger or consolidation by the parties thereto or prior to the conversion by the Federal savings and loan association and which is located within Pennsylvania.

(b) Except as provided in subsection (a) of this section, an association may establish a branch after the effective date of this act anywhere in Pennsylvania and anywhere in the United States upon compliance with the following requirements:

(1) The proposed branch shall be authorized by resolution by its board of directors.

(2) If the location of the proposed branch is outside of the city, incorporated town, borough or township in which the principal place of business of the association is located, the association shall give notice of the filing of the application by advertisement in the county in which the proposed branch is to be located.

(3) The branch shall be approved by the department.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-53. Authorization of new branches - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-6020-53/

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