New York Laws
Article 2 - Department of Financial Services; Superintendent of Financial Services; Supervisory and Regulatory Powers
28-C - Branch Office Closings; Report to and Action by the Superintendent.

(a) branch offices located outside the state of New York;
(b) a sale or other transfer of a branch office which does not result
in any material reduction in the financial services offered at such
location;
(c) the closing of a branch office acquired from a failing or failed
institution, provided that such closing occurs within one hundred eighty
days from the date of the acquisition; or
(d) the closing of a branch office when unexpected circumstances make
strict compliance impossible, provided that such determination shall be
solely within the discretion of the superintendent and provided further
that the superintendent may require the banking organization to comply
with the requirements of this section to the extent possible.
2. Every banking organization shall submit to the superintendent a
report of its planned or intended closing of a branch office, and shall
give written notice to any person who maintains a banking account
relationship with such branch office which is the subject of such
planned or intended closing, no less than ninety days nor more than one
hundred eighty days prior to the date of actual closing. The banking
organization shall post and keep posted in a conspicuous place notice of
such planned closing at such branch office, commencing on the date the
banking organization submits its report pursuant to the foregoing
provision and until the proposed closing is effected or withdrawn.
3. Such report shall be in writing and shall contain a statement of
the reasons leading to the decision to close the branch and any
statistical or other information in support thereof. Such report shall
be and remain at all times subject to the provisions of subdivision ten
of section thirty-six of this chapter. Such report shall also contain
the following information, provided that the superintendent may waive or
modify these requirements for good cause:
(a) a past (at least three years), present and projected financial
analysis of deposits at such branch (giving number of accounts and
dollar amount, profits and losses);
(b) a past (at least three years), present and projected financial
analysis of profits and losses relating to the loan activity at such
branch;
(c) a detailed map of the general area served by such branch showing
the distance and direction of all remaining state or federally chartered
institutions within such area and any licensee of the department which
provides financial services of any kind; and
(d) a description of any planned limited or full service banking
facility to be opened within such area by either the reporting banking
organization or, if known, to the reporting banking organization, by any
other banking institution.
4. The superintendent shall make a finding as to whether or not the
proposed branch closing will result in a significant reduction of
financial services in the community to be affected. Such finding shall
be made public. If the superintendent finds that the availability of
financial services in a particular geographic area or community will be

significantly reduced by the closing of a particular branch office, he
or she shall conduct such meetings with banking organizations and
community leaders as are necessary, in his or her judgment, to explore
the feasibility of replacing such branch with other adequate banking
facilities.
5. In this section:
(a) "banking organization" includes each bank, trust company, savings
bank, and savings and loan association as those terms are defined in
section two of this chapter and each out-of-state state bank authorized
to operate and maintain a branch pursuant to article five-C of this
chapter;
(b) "branch office", "branch", or "office" shall not include
electronic facilities as defined by general regulation of the
superintendent of financial services, but shall include a public
accommodation office;
(c) "financial services" includes demand and time deposit accounts,
check cashing services, deposit and withdrawal transactions, sale of
bank or travellers checks and money orders, processing loan
applications, acceptance of loan repayments, and any related services;
and
(d) "facility" and "facilities" includes any building, structure,
vehicle, unit, machine, or device, permanent or temporary, mobile or
stationary, which provides or dispenses financial services of any kind
or description.
6. No provision of this section or any rule or regulation adopted
pursuant thereto shall be deemed or construed as impairing the ability
of any banking organization to close any branch office after complying
with the provisions of subdivision two of this section.

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