Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-54. Approval of branch by department

(a) Upon receipt of an application for approval of a branch which satisfies the requirements of this act and the payment of all fees, and after such further notice as the department may require, the department shall conduct such investigation as it may deem necessary and in its discretion may hold hearings.

(b) Deleted by 1982, April 9, P.L. 334, No. 94, § 7, imd. effective.

(c) Within sixty days after receipt of the application or such longer periods as may be required by any hearing which the department may hold, the department shall, approve the application if it finds that the establishment of the proposed branch would be consistent with the purposes of this act set forth in subsection (a) of section 103  1 and that the requirements of this act have been complied with, but shall otherwise disapprove the application. If the department approves the application it shall issue to the association a letter of authority to establish a branch. If the department disapproves the application it shall give the association written notice of its disapproval and a statement in detail of the reasons for its decision.

(d) An association may establish a branch pursuant to approval of the department under this section not later than twelve months after the date of the letter of authority or within such longer period as the department shall allow for good cause. Each such period of extension by the department shall not exceed six months. The association shall deliver to the department a certificate of the establishment of the branch in a form prescribed by the department.

(e) An association may, pursuant to a resolution of its board of directors and with prior written approval of the department, discontinue the operation of a branch upon such prior public notice of at least thirty days as the department shall prescribe. The association shall deliver to the department a certificate of the discontinuance of the branch in a form prescribed by the department.

(f) The department shall maintain a record of the number and location of all branches of associations.

(g) An association may establish and operate as a branch any principal place of business or branch of an affiliated State or Federal savings and loan association or State or National bank or State or Federal savings bank upon written approval by the department of an application for approval in a form prescribed by the department accompanied by any applicable fee. The department may issue regulations under this subsection. However, the absence of regulations shall not be a bar to consideration of an application filed under this subsection nor a basis for denial of such application.