Who must file?
A state member bank must file an application for prior Federal Reserve approval under section 208.6 of Regulation H to establish a new branch facility. A member bank may seek approval in a single application for any branches it proposes to establish within one year after the approval date.
Publication requirements--newspaper/Federal Register
The applicant must publish notice of its proposal in the relevant local newspaper.
The filing must be submitted in the form of a letter that includes a detailed description of the proposed branch. A copy of the application filed with the bank’s State regulatory agency will generally suffice. The Reserve Bank will not consider an application received until the applicant has provided affidavit of publication or a tear sheet.
Processing time frames
For branch proposals processed on an expedited basis, the Federal Reserve would act between the third and fifth business day after the expiration of the public comment period. A branch proposal may qualify for the expedited processing procedure if it meets the criteria in section 208.6(c). For other branch proposals, the Federal Reserve normally acts within 30 or 60 calendar days after receipt unless the Federal Reserve notifies the applicant that the processing period is being extended.
For branch proposals, the Federal Reserve considers the factors in section 208.6(b) of Regulation H.
Branch proposals may be consummated immediately. For proposals to establish multiple branches within one year, the bank must then notify the Federal Reserve within 30 days after opening each branch unless this requirement is waived. Authority to establish a branch expires 12 months from the date of disposition unless extended by the Federal Reserve.
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