Source: http://www.dfs.ny.gov/legal/interpret_opinion/banking/lo070306.htm
Timestamp: 2014-11-26 07:48:58
Document Index: 29272278

Matched Legal Cases: ['§227', '§227', '§227', '§227', '§227', '§10']

New York State Banking Department MemorandumTo: Principal Examiner Gottlieb From: Assistant Counsel Christine M. Tomczak Date: March 6, 2007 Subject: Application for approval of the Superintendent pursuant to Banking law §227 for continued acceptance of New Jersey governmental deposits at New Jersey branches following merger [---]
Issue Does the application of [---] (the "Applicant") to continue acceptance of New Jersey governmental deposits at the New Jersey branches of [---] (“[---] Fed”) following the merger of [---] Fed with and into [---] meet the legal requirements set forth in Banking Law §227?
Recommendation The Legal Division has reviewed the application of the Applicant and concludes that the application meets the legal requirements set forth in Banking Law §227.
Background The Applicant has agreed to acquire [---]Fed, a federally-chartered stock savings bank, through the merger of [---]Fed with and into the Applicant, a New York State chartered bank. This merger is subject to a separate application.
Reasoning Banking Law §227 permits a New York State chartered Institution that opens, occupies and maintains one or more branch offices in another state to exercise any power at such branches that is authorized for an out-of-state banking institution maintaining such branches with the type of charter most closely corresponding to that of the New York institution. The institution must obtain the prior approval of the Superintendent where the activity is not one authorized for the institution in New York. In addition, Banking Law §227 provides that the Superintendent shall approve any such request unless approval would be contrary to the declaration of policy contained in Banking Law §10.