reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 102 - Amendments to Organization Certificate › Section 102.4 - Effective date of amendment

Current through Register Vol. 46, No. 28, July 10, 2024
The amendment to the organization certificate becomes
					 effective after the applicant's stockholders and directors have duly approved
					 the certificate of amendment and upon the approval and filing thereof by the
					 superintendent pursuant to Banking Law, section 1003. F or the filing of
					 statements of condition and reports in connection with subsequent sales or
					 distributions of capital stock, see Supervisory Procedure CB
					 107.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 103 - Application for Commercial Bank Branch Offices › Section 103.1 - General information

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A
				  bank, trust company, or safe deposit company that seeks permission to open a
				  branch office should file an application therefor with the superintendent, at
				  the address set forth in section
				  1.1  of
				  Supervisory Policy G 1 of this Title, which meets the requirements of this
				  supervisory procedure, accompanied by payment of the fee specified in section
				  1.2  of
				  Supervisory Policy G 1 of this Title. The words "branch," "office," and
				  "offices" as used in this supervisory procedure shall include limited purpose
				  branches, but shall not include automated teller machines, point-of-sale
				  terminals or similar facilities.
(b) In accordance with Supervisory Procedure
				  G 106 (Public Access to Banking Department Records) of this Title, the entire
				  application and all supporting material are available for public inspection
				  except for confidential material. If the applicant believes that the public
				  availability or disclosure of certain of the information provided would be
				  clearly harmful, such information should be segregated from the public portion
				  and labeled "confidential." The applicant must also state the reasons under
				  section 87(2) of the Freedom of Information Law for any request for
				  confidentiality.
(c) The Banking
				  Department processes branch applications using either an expedited application
				  process or a standard application process. An institution is eligible for the
				  expedited process if it satisfies all of the following criteria:
(1) has a composite CAMELS rating of "1" or
				  "2";
(2) has at least a
				  satisfactory ("2") rating for management;
(3) is well capitalize in accordance with
				  applicable Federal standards;
(4)
				  has a CRA rating of "satisfactory" or better; and
(5) has no major unresolved supervisory
				  issues outstanding (as determined by the Banking Department in its discretion).
Application requirements are set forth by the
					 Superintendent of Banks. Forms and instructions may be obtained directly from
					 the department, and are available on the department's website
					 (www.banking.state.ny.us).
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 103 - Application for Commercial Bank Branch Offices › Section 103.2 - Application for community afforded home office protection

Current through Register Vol. 46, No. 28, July 10, 2024
The Banking Department will not accept applications for
					 branch offices in communities from which the applicant would be barred, at the
					 time of filing, under the home office protection provisions of the New York
					 Banking Law; provided, however, such a branch application may be accepted for
					 filing if there exists on such date any application with the appropriate
					 regulatory authorities which would, if approved, eliminate the protection
					 provisions of section 105 of the New York Banking Law. No final action will be
					 taken on such branch application until home office protection will have ceased
					 under New York Banking Law.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 105 - Application for Approval of the Formation of a Bank Holding Company; the Expansion of an Existing Bank Holding Company; the Voting by a Bank Holding Company of the Stock of a Banking Subsidiary; A Merger; a Consolidation; or a Purchase of Assets › Section 105.4 - Confidential information

Current through Register Vol. 46, No. 28, July 10, 2024
Information as to the following items should be furnished
					 on separate pages which can be detach from the rest of the application.
any computation of the deposits by number of accounts and
					 dollar amount, according to primary and secondary service areas, for any office
					 of each party to the merger, submitted under Section
					 105.2(c)(2);
the typical compensating balance (as a percentage of the
					 amount of the loan) expected to be maintained, the extent to which such
					 maintenance is a requirement of the bank, and the statement specifically
					 indicating how any policy differences between the parties on this subject will
					 be received, submitted under Section
					 105.2(d)(6);
any listing of loan-participations and any listing of loan
					 participants, submitted under Section
					 105.2(d)(8);
any information regarding management succession problems,
					 submitted under Section
					 105.2(h);
estimate of major categories of assets, deposits and
					 capital accounts and of gross income and expenses, and net earnings or loss for
					 each of the first three years of operation of a proposed new bank, submitted
					 under Section
					 105.3(e);
the names of individual depositors, borrowers, and
					 beneficiaries of trusts wherever listed;
names of banks maintaining balances at a subsidiary bank
					 (due to) wherever listed;
any remarks of a derogatory nature or that might otherwise
					 cause harm to a bank or an individual;
should the applicant desire to submit any additional
					 information it deems to be of a confidential nature, such information should be
					 properly identified, separately bound, and labeled "Confidential." The
					 Superintendent will determine whether information submitted as confidential
					 will be so regarded, and will advise the applicant of any decision to make
					 public information furnished on a confidential basis. However, it shall be
					 understood that, without prior notice to applicant, the Superintendent may
					 disclose or comment on any of the contents of the application in his opinion or
					 in his recommendation to the Banking Board issued in connection with his
					 decision on the application.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 109 - Permission to Make Excess Deposits › Section 109.1 - General information

Current through Register Vol. 46, No. 28, July 10, 2024
A bank or trust company that proposes to deposit an amount
					 in excess of 100% of its capital stock, surplus fund and undivided profits with
					 another banking corporation or a private banker should request the
					 superintendent's permission to make such deposit, in accordance with Banking
					 Law § 106, by submitting a letter application for such permission to the
					 superintendent, at the address set forth in section
					 1.1  of
					 Supervisory Policy G 1 of this Title, specifying the name of the proposed
					 depositary and the reasons why the applicant wishes to make such
					 deposit.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 109 - Permission to Make Excess Deposits › Section 109.2 - Application

Current through Register Vol. 46, No. 28, July 10, 2024
The letter application should be accompanied by a certified
					 copy of the resolution of the applicant's board of directors authorizing such
					 application and naming the proposed depositary. The certification should state
					 that a majority of the applicant's board of directors, exclusive of any
					 director who is an officer, director, trustee or partner of the proposed
					 depositary, was present and voted for the resolution at the meeting at which it
					 was adopted.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 111 - Approval of Capital Notes and Debentures › Section 111.1 - General information

Current through Register Vol. 46, No. 28, July 10, 2024
A bank or trust company that seeks authorization from the
					 superintendent to issue capital notes or debentures in accordance with Banking
					 Law, section
					 96(4) should submit a letter
					 application to the superintendent at the address set forth in section
					 1.1  of
					 Supervisory Policy G 1 of this Title (Attention: Applications Unit), requesting
					 the superintendent's approval, in principle, of the proposed issue of capital
					 notes or debentures.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 111 - Approval of Capital Notes and Debentures › Section 111.2 - Application

Current through Register Vol. 46, No. 28, July 10, 2024
The letter application should
(a) be accompanied by the form of capital
				  note or debenture, the agreement or indenture pursuant to which such notes or
				  debentures are to be issued, and a certified copy of the resolution of the
				  applicant's board of directors approving such issue, the form of note or
				  debenture and the form of agreement or indenture, and designating an officer to
				  submit the application and to take other necessary actions in connection
				  therewith, and
(b) include the
				  following information (a cross-reference to the appropriate section of the
				  agreement or indenture may be substituted):
(1) aggregate dollar amount of the proposed
				  issue;
(2) interest rate or rates
				  to be paid on the proposed issue (if such rate or rates are not known at the
				  time of application, a maximum rate should be estimated);
(3) maturity date of the proposed issue or if
				  maturing in series, a schedule of amounts and maturity dates;
(4) call or prepayment provisions, if any,
				  including the call periods, amounts which may be called therein and call
				  prices. No optional prepayment in whole or in part of the unpaid principal of
				  the notes or debentures may be made without the prior specific approval, in
				  writing, of the superintendent;
(5)
				  text of any subordination provision of the proposed issue, which should include
				  the following or similar language:
Such obligation shall be junior and subordinate to the
					 obligations of the bank to depositors and other creditors--except any such
					 obligations expressly subordinated or made equal to the notes (debentures)--in
					 that, in case of any receivership, conservatorship, liquidation, dissolution or
					 winding up of the bank (or trust company), whether voluntary or involuntary,
					 all obligations to depositors or creditors--except any expressly subordinated
					 or made equal to the notes (debentures)--shall be paid in full before any
					 payment shall be made on account of the principal or interest on the notes
					 (debentures);
(6) if the
				  proposed notes or debentures are to be convertible into capital stock, the
				  applicant should include a detailed description of the conversion privilege
				  including antidilution provisions, if any; [FN*]
(7) if payment for any part of the proposed
				  issue is to be other than in cash, a complete description of the property
				  proposed to constitute such payment and the value accorded to it by the
				  applicant's board of directors; and
(8) the intended use of the proceeds.
The superintendent reserves the right to require additional
					 information in connection with a particular application.
[FN*] See Supervisory Procedure CB 102, setting forth the
					 procedure for amending an organization certificate to increase the authorized
					 shares of capital stock.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 111 - Approval of Capital Notes and Debentures › Section 111.3 - Approval

Current through Register Vol. 46, No. 28, July 10, 2024
The applicant may proceed with the proposed issue and sale
					 of the capital notes or debentures upon receipt of a certificate of approval
					 from the superintendent.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 111 - Approval of Capital Notes and Debentures › Section 111.4 - Subsequent reports

Current through Register Vol. 46, No. 28, July 10, 2024
The applicant should advise the superintendent by letter of
					 the consummation of the sale, including therewith two condensed statements of
					 condition acknowledged by its chief executive or financial officer--one as of
					 the close of business on the day immediately preceding the sale and the other
					 as of the close of business on the day on which the sale was consummated.
					 Conversions of capital notes or debentures into shares of capital stock should
					 be reported to the superintendent in accordance with the requirements of
					 Banking Law, section
					 5016(6).
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 113 - Authorization to Invest in Subsidiary Corporations › Section 113.1 - General information

Current through Register Vol. 46, No. 28, July 10, 2024
A savings bank or savings and loan association that seeks
					 authorization, pursuant to Banking Law section 235-d, to invest in the stock of
					 a corporation to be operated as a service corporation should submit a letter
					 application to the Applications Unit of the Banking Department, at the address
					 set forth in section
					 1.1  of
					 Supervisory Policy G 1 of this Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 113 - Authorization to Invest in Subsidiary Corporations › Section 113.2 - Application

Current through Register Vol. 46, No. 28, July 10, 2024
The letter application should
(a) be accompanied by a conformed copy of any
				  stock purchase agreement, the financial statements referred to in section
				  113.3  of
				  this Supervisory Procedure, and a certified copy of the resolution of
				  applicant's board of directors approving the investment and specifying the
				  number of shares to be purchased and their purchase price, and
(b) contain the following information (a
				  cross-reference to the applicable section of a stock purchase agreement may be
				  substituted):
(1) name of the proposed
				  service corporation;
(2) a detailed
				  description of its present business, any proposed change in its business, or,
				  if a company is to be formed, a brief description of the business which the
				  proposed service corporation will engage in;
(3) the location of each of its
				  offices;
(4) the proposed location
				  of its records;
(5) brief
				  descriptions of the experience and qualifications of the senior officers of the
				  proposed service corporation and of the officers of the applicant who are to
				  supervise its affairs;
(6) the
				  purchase price of the stock to be purchased and the manner in which the
				  purchase price is to be paid;
(7)
				  the number and percentage of the outstanding shares of each class of stock to
				  be purchased;
(8) the total number
				  of shares, if any, of the proposed service corporation to be purchased,
				  directly or indirectly, by the applicant from officers or directors thereof and
				  the name of and amount to be purchased from each such officer and
				  director;
(9) the names of any
				  persons other than the applicant who will be major stockholders of the proposed
				  service corporation following the proposed investment, the number of shares to
				  be owned by each such stockholder and his relationship, if any, to the
				  applicant or to any of its officers or directors;
(10) the amount of any finder's fees,
				  broker's fees or commissions to be paid in connection with the proposed
				  investment, the name of the person or persons to whom payment is to be made and
				  their relationship, if any, to the applicant or to any of its officers or
				  directors;
(11) a statement as to
				  whether the applicant plans to make loans to the proposed service corporation,
				  or guarantee any of its obligations and, if so, the details of any such
				  arrangements;
(12) a statement of
				  the benefits to be realized by applicant as a result of the proposed
				  investment; and
(13) a statement
				  outlining the reasons for this investment which should include objectives,
				  business factors and market information.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 113 - Authorization to Invest in Subsidiary Corporations › Section 113.3 - Financial statements

Current through Register Vol. 46, No. 28, July 10, 2024
If the proposed service corporation is already in
					 existence, the application should be accompanied by balance sheets and income
					 statements of the proposed service corporation for each of the three fiscal
					 years preceding the date of the application or, if the proposed service
					 corporation has been in business for less than three years, then for each
					 fiscal year and portion of a fiscal year it has been in business. If the
					 proposed service corporation has subsidiaries or affiliated companies, the
					 application should also be accompanied by (a) consolidated balance sheets and
					 income statements for all such entities and (b) individual balance sheets and
					 income statements for each such subsidiary and affiliated company, in all cases
					 for the same period or periods as those covered by the unconsolidated financial
					 statements of the proposed service corporation.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 113 - Authorization to Invest in Subsidiary Corporations › Section 113.4 - Contributions to capital surplus

Current through Register Vol. 46, No. 28, July 10, 2024
For the purpose of complying with the requirements of
					 section 235-d  of the Banking Law and Part 85 of
					 this Title, an investment by a savings bank or savings and loan association in
					 the capital surplus of a corporation operated as a service corporation shall be
					 deemed to be an investment in the capital stock of such service
					 corporation.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 116 - Consent of Superintendent to Leave Director Vacancies Unfilled › Section 116.1 - General information

Current through Register Vol. 46, No. 28, July 10, 2024
A bank or trust company that seeks the superintendent's
					 consent to leave one or more vacancies on its board of directors unfilled
					 pursuant to Banking Law § 7005(1)(b) should submit a letter application at
					 the address set forth in section
					 1.1  of
					 Supervisory Policy G 1 of this Title (Attention: Applications
					 Unit).
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 116 - Consent of Superintendent to Leave Director Vacancies Unfilled › Section 116.2 - Application

Current through Register Vol. 46, No. 28, July 10, 2024
Each letter application should include a statement of the
					 reasons for such application and should be accompanied by a certified copy of
					 the resolution of the applicant's board of directors authorizing such
					 application.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 117 - Application for Companies Seeking to Acquire or Exercise Control of a Banking Institution Under Banking Law, Section 143-b › Section 117.1 - General requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Applicability. The instructions set forth in this Supervisory Procedure shall
				  apply:
(1) to the exercise of voting control
				  of any banking institution pursuant to section 143-b  of the Banking Law, as such section
				  existed prior to June 30, 1980 if the purchase or other acquisition of such
				  control was consummated prior to June 30, 1980 and was not previously approved
				  by the Superintendent of Banks or the Banking Board; and
(2) to the direct or indirect acquisition of
				  control of any banking institution made on or after June 30, 1980 pursuant to
				  section 143-b  of the Banking Law, as such section
				  existed on and after June 30, 1980.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 117 - Application for Companies Seeking to Acquire or Exercise Control of a Banking Institution Under Banking Law, Section 143-b › Section 117.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Supervisory Procedure:
(a) Affiliate means any person that directly
				  or indirectly, through one or more intermediaries, controls, or is controlled
				  by or is under common control with the person specified.
(b) One-bank holding company means a company:
(1) formed by only those persons who control
				  a banking institution for the purpose of holding the stock of such banking
				  institution, which shall be the only banking subsidiary of such
				  company;
(2) which owns, controls
				  or holds with power to vote all of the voting securities, except directors'
				  qualifying shares of such banking institution;
(3) which is required to file an application
				  with the Board of Governors of the Federal Reserve System under the Federal
				  Bank Holding Company Act of 1956, as amended; and
(4) which is required to file an application
				  under Banking Law, section
				  143-b.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 117 - Application for Companies Seeking to Acquire or Exercise Control of a Banking Institution Under Banking Law, Section 143-b › Section 117.3 - Information relating to the banking institution

Current through Register Vol. 46, No. 28, July 10, 2024
Information relating to the banking institution control of
					 which is sought to be acquired or exercised by the applicant and on the terms
					 of the proposed transaction.
(a) Names
				  and addresses. Set forth the name and address of the banking institution
				  control of which is sought to be acquired.
(b) Bank securities owned by applicant.
(1) State the total number of outstanding
				  shares of such banking institution and the percentage of such shares, owned,
				  beneficially and/or of record, by:
(i) the
				  applicant; and
(ii) each affiliate
				  of the applicant.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 117 - Application for Companies Seeking to Acquire or Exercise Control of a Banking Institution Under Banking Law, Section 143-b › Section 117.4 - Information required in applications filed by corporate or other entities

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Name and
				  address of applicant. Set forth the name and address of the applicant and the
				  name and address of the officer or partner to whom all communications from the
				  Banking Department should be addressed.
(b) Applicant's business. Describe fully the
				  business of the applicant, each affiliate of the applicant referred to in
				  section
				  117.3(c)(2) 
				  of this Supervisory Procedure, and each other significant subsidiary or
				  affiliate of the applicant, including the name, state or country of
				  incorporation, percentage ownership and business of each such subsidiary and
				  affiliate. The description of business should include, but not be limited to,
				  the following:
(1) a discussion of the
				  general development of the business over the past two years;
(2) a description of the principal services
				  or products and any significant change therein during the past two
				  years;
(3) a list of each customer
				  or group of related customers, which accounts, either singly or in the
				  aggregate, for 10 percent or more of the gross revenues of the business.
				  Indicate whether such customers are directly related to or affiliated with the
				  applicant or its affiliates and if so, how;
(4) a list of the major suppliers of the
				  business. Indicate whether such suppliers are directly or indirectly related to
				  or affiliated with the applicant or its affiliates, and if so, how;
(5) a description of the source and
				  availability of financing, if any, for the business. If any part consists of
				  debt financing, provide the name and address of the lender(s) and describe the
				  maturities and other terms of such financing; and
(6) a breakdown of the gross revenues of the
				  business for the past two years, showing the approximate amount of revenues,
				  before income taxes and extraordinary items, attributable to each line of
				  business which accounted for 10 percent or more of the revenues and/or losses
				  of the business in either of the years covered.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 117 - Application for Companies Seeking to Acquire or Exercise Control of a Banking Institution Under Banking Law, Section 143-b › Section 117.5 - Information required in applications filed by individuals

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Name, address and relatives of applicant.
(1) Set forth the name, citizenship and
				  business and residential addresses of the applicant, indicating the address to
				  which communications from the Banking Department should be sent.
(2) Set forth any other names by which the
				  applicant has been known, and the circumstances thereof.
(3) Provide the name of applicant's spouse
				  and all relatives of applicant, by blood or marriage, who, to applicant's
				  knowledge, own or have agreed to acquire stock of the banking institution
				  subject of the application.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 118 - Registration Statement for Multi-Bank Holding Companies › Section 118.1 - General information

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Within 180 days after becoming a bank holding company, as defined in Banking
				  Law, section
				  141(3), such company shall
				  file a registration statement with the Superintendent of Banks, providing the
				  following information:
(1) mailing address of
				  the bank holding company to be used in the future (if different from that
				  provided in the application);
(2)
				  date of fiscal year-end of the bank holding company;
(3) parent-only balance sheet of the bank
				  holding company as of the close of business on the date of consummation
				  (balance sheet should be prepared in accordance with generally accepted
				  accounting principles);
(4) number
				  and percent of each class of voting shares of the banks and nonbank
				  subsidiaries owned by the bank holding company at the time of
				  registration;
(5) list of changes,
				  if any, in directors and principal officers and shareholders of the bank
				  holding company since the bank holding company application was filed;
(6) a copy of organization documents of the
				  bank holding company (charters, by-laws, articles of incorporation, trust
				  agreements, etc.), certified by its secretary or other authorized officer, and
				  notarized; and
(7) an organization
				  chart, showing the relationships among the banks, the nonbank subsidiaries, and
				  the parent.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 118 - Registration Statement for Multi-Bank Holding Companies › Section 118.2 - Filing

Current through Register Vol. 46, No. 28, July 10, 2024
The registration statement shall be submitted in duplicate,
					 one of which statements has been certified by the president, a vice-president
					 or secretary of the bank holding company.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 118 - Registration Statement for Multi-Bank Holding Companies › Section 118.3 - Annual reports

Current through Register Vol. 46, No. 28, July 10, 2024
In addition to the requirements of section
					 118.1  of this
					 Procedure, each bank holding company shall furnish to the department two copies
					 of the report of the company's operations for the fiscal year in which it
					 becomes a bank holding company, and for each year thereafter. The form of such
					 annual report shall be the current form required to be filed under the
					 regulations of the Board of Governors of the Federal Reserve System. The annual
					 report shall be submitted to the department within three months after the end
					 of such company's fiscal year.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Commercial Banks › Supervisory Procedure 120 - Undivided Profits-Defined › Section 120.1 - Undivided profits defined

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of Article III of the Banking Law, the term
					 undivided profits includes paid-in or earned profits (unearned income must be
					 deducted); reserves for loan losses or bad debts; valuation reserves for
					 securities; and reserves for contingencies. It does not include reserves for
					 dividends declared or reserves for taxes, interest and
					 expenses.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Savings Banks › Supervisory Policy 1 - Authorization of Trust Powers for Savings Banks › Section 1.1 - General statement

Current through Register Vol. 46, No. 28, July 10, 2024
Pursuant to the provisions of section 234-b  of
					 the Banking Law, the Banking Board is prepared to authorize a State-chartered
					 savings bank to exercise, through a trust department, any or all of the powers
					 specified in sections 100, 100-a, 100-b and
					 100-c  of the Banking Law, in accordance
					 with applicable law, provided that:
(a) the granting of such powers to the
				  institution will promote the convenience and advantage of the public;
				  and
(b) the proposed management of
				  the trust department commands confidence and warrants the belief that the
				  business of such department will be honestly and efficiently conducted in
				  accordance with the intent and purpose of applicable law.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Savings Banks › Supervisory Policy 1 - Authorization of Trust Powers for Savings Banks › Section 1.2 - General criteria

Current through Register Vol. 46, No. 28, July 10, 2024
In passing upon an application pursuant to section 234-b,
					 the Banking Board will consider, in addition to any other facts or
					 circumstances deemed proper, the following:
(a) the financial condition of the
				  applicant;
(b) the qualifications
				  and experience of the proposed officer or officers of the trust department and
				  the nature of the supervision to be exercised over the fiduciary
				  activities;
(c) the type or types
				  of fiduciary activities proposed to be undertaken; and
(d) the plan of operations of the applicant's
				  trust department, including information as to the manner in which legal,
				  accounting, investment and recordkeeping functions of such department are to be
				  performed and information as to any plans to obtain related services from
				  outside sources.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Savings Banks › Supervisory Policy 1 - Authorization of Trust Powers for Savings Banks › Section 1.3 - Specific requirements

Current through Register Vol. 46, No. 28, July 10, 2024
An application for authority to exercise any fiduciary
					 power shall consist of:
(a) a
				  certified copy of a resolution of the applicant's board of trustees,
				  authorizing the applicant to file the application and to undertake the
				  fiduciary activities specified in the application; and
(b) a written statement covering the matters
				  specified in section
				  1.2(b)-(d) 
				  of this Part and such other matters as the Banking Department shall request
				  after consultation with the applicant.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Savings Banks › Supervisory Policy 1 - Authorization of Trust Powers for Savings Banks › Section 1.4 - Application of other laws and regulations

Current through Register Vol. 46, No. 28, July 10, 2024
The provisions of Supervisory Procedure CB 119 shall apply
					 to any savings bank which proposes to establish a common trust fund, and the
					 provisions of Part 22 of this Title shall apply to any savings bank maintaining
					 such a fund. The terms trust company and board of directors, as used in CB 119
					 and Part 22, shall be deemed to mean the trust department of a savings bank and
					 board of trustees of a savings bank, respectively.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Savings Banks › Supervisory Policy 101 - Application for Savings Bank Branch Offices › Section 101.1 - General information

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A
				  savings bank that seeks permission to open a branch office should file an
				  application therefor with the superintendent, at the address set forth in
				  section
				  1.1  of
				  Supervisory Policy G 1 of this Title, which meets the requirements of this
				  supervisory procedure, accompanied by payment of the fee specified by section
				  1.2  of
				  Supervisory Policy G 1 of this Title. The words "branch," "office" and
				  "offices" as used in this Supervisory Procedure shall include limited purpose
				  branches, but shall not include automated teller machines, point-of-sale
				  terminals or similar facilities.
(b) In accordance with Supervisory Procedure
				  G 106 (Public Access to Banking Department Records) of this Title, the entire
				  application and all supporting material are available for public inspection
				  except for confidential material. If the applicant believes that the public
				  availability or disclosure of certain of the information provided would be
				  clearly harmful, such information should be segregated from the public portion
				  and labeled "confidential." The applicant must also state the reasons under
				  section 87(2) of the Freedom of Information Law for any request for
				  confidentiality.
(c) The Banking
				  Department processes branch applications using either an expedited application
				  process or a standard application process. An institution is eligible for the
				  expedited process if it satisfies all of the following criteria:
(1) has a composite CAMELS rating of "1" or
				  "2";
(2) has at least a
				  satisfactory ("2") rating for management;
(3) is well capitalized in accordance with
				  applicable Federal standards;
(4)
				  has a CRA rating of "satisfactory" or better; and
(5) has no major unresolved supervisory
				  issues outstanding (as determined by the Banking Department in its discretion).
Application requirements are set forth by the
					 Superintendent of Banks. Forms and instructions may be obtained directly from
					 the department, and are available on the department's website
					 (www.banking.state.ny.us).
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Savings Banks › Supervisory Policy 101 - Application for Savings Bank Branch Offices › Section 101.2 - Application for community afforded home office protection

Current through Register Vol. 46, No. 28, July 10, 2024
The Banking Department will not accept applications for
					 branch offices in communities from which the applicant would be barred, at the
					 time of filing, under the home office protection provisions of the New York
					 Banking Law; provided, however, such a branch application may be accepted for
					 filing if there exists on such date any application with the appropriate
					 regulatory authorities which would, if approved, eliminate the protection
					 provisions of section 240 of the New York Banking Law. No final action will be
					 taken on such branch application until home office protection will have ceased
					 under New York Banking Law.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Savings Banks › Supervisory Procedure 110 - Merger of Savings and Loan Association or Savings Bank into Savings Bank › Section 110.1 - General information

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				  instructions set forth in this Procedure shall apply to a merger proposed
				  pursuant to Banking Law, section
				  600(2) and
				  (4), where the surviving institution is a
				  savings bank.
(b) A separate
				  application shall be filed with respect to each merger for which the approval
				  of the superintendent is sought and eight copies thereof, together with all
				  exhibits thereto, including two executed copies of the exhibits referred to in
				  section
				  110.3(a)-(c) 
				  of this Procedure, shall be filed with the superintendent, at the address set
				  forth in section
				  1.1  of
				  Supervisory Policy G 1 of this Title. The application shall contain the
				  information specified in sections
				  110.2 and
				  110.3  of
				  this Procedure and shall be accompanied by payment of the fee specified in
				  section
				  1.2  of
				  Supervisory Policy G 1 of this Title. Inquiries concerning the preparation of
				  the application should be addressed to the superintendent.
(c) The approvals required by this
				  subdivision shall be obtained before the application for the superintendent's
				  approval is submitted:
(1) The plan of merger
				  shall be approved, in the manner prescribed by Banking Law, section
				  601(3), by the board of
				  trustees of each savings bank and the board of directors of each association
				  which is a party to the merger.
(2)
				  If any party to be merged is an association, the plan of merger shall be
				  approved at a meeting held upon not less than 30 days' written notice to each
				  shareholder by the vote, in person or by proxy, of at least 662/3 percent of
				  all the votes cast at the meeting (the voting rights of shareholders to be
				  determined as prescribed in the bylaws of the association). Notice of the
				  shareholders' meeting, together with any proxy material, shall be served
				  personally upon or mailed to each shareholder of the association at his last
				  known address and shall contain a statement of the time and place of the
				  meeting, a full and clear statement of the purpose of the meeting and the
				  effect of the proposed merger, if consummated, upon the shareholders' right to
				  vote on matters affecting the management of the surviving
				  institution.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Savings Banks › Supervisory Procedure 110 - Merger of Savings and Loan Association or Savings Bank into Savings Bank › Section 110.2 - Information required in the application

Current through Register Vol. 46, No. 28, July 10, 2024
(a) General information. Set forth the name
				  and address of the applicants; the name and address of the officer to whom all
				  communications from the Banking Department should be addressed; and the date or
				  proposed date of filing of any required applications or other documents with
				  the Federal Deposit Insurance Corporation or the Federal Savings and Loan
				  Insurance Corporation.
(b) Banking
				  offices. List the name and address of the principal office of each party to the
				  proposed merger and of the surviving bank; the branch office locations of each
				  party; the road distance between the nearest offices of each party and the
				  offices, if any, which will be closed if the application is approved.
(c) Deposits.
(1) Number and volume. List in tabular form
				  the number of accounts and dollar amount of deposits of each party to the
				  merger, by type of account and type of depositor, as of December 31st for each
				  of the preceding three years.
(2)
				  Primary and secondary service areas. Indicate the deposits, by number of
				  accounts and dollar amount, which originate in the primary service area and the
				  secondary service area, respectively, of each party to the merger. This
				  computation should also be made for any office if the service area thereof is
				  reasonably close to or overlaps any service area of the other party or any of
				  its offices. The term primary service area, of a bank, association or any
				  office thereof, means the area from which is derived approximately 75 percent
				  of the dollar amount of deposits based on the record addresses of the
				  depositors thereof.[FN*] The term secondary service area, of a bank,
				  association or any office thereof, means the area contiguous to but outside of
				  the primary service area from which is derived approximately an additional 15
				  percent of the dollar amount of deposits based on the record addresses of the
				  depositors thereof.*
(3) Overlap.
				  Indicate the deposits, by number of accounts and dollar amount, that each party
				  to the merger draws from the primary and secondary service areas of the other,
				  separately itemized for savings and other time deposits.
(4) Rates. For each party, describe the rates
				  paid on savings and other time deposits and the methods of computation. If any
				  of the rates or the methods of computation differ between the parties to the
				  merger, include a statement specifically indicating how the differences will be
				  resolved if the application is approved.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Savings Banks › Supervisory Procedure 110 - Merger of Savings and Loan Association or Savings Bank into Savings Bank › Section 110.4 - Additional documents

Current through Register Vol. 46, No. 28, July 10, 2024
The following additional documents shall be submitted to
					 the Superintendent as they become available to the parties:
(a) Copies of all approvals obtained pursuant
				  to Federal law and regulations.
(b)
				  Opinion of counsel for each party to the merger as to compliance of that party
				  with all requirements of Federal and State law in connection with the
				  merger.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Savings Banks › Supervisory Procedure 110 - Merger of Savings and Loan Association or Savings Bank into Savings Bank › Section 110.5 - Confidential information

Current through Register Vol. 46, No. 28, July 10, 2024
The following information is considered confidential and
					 should be furnished on separate pages which can be detached from the rest of
					 the application:
(a) that portion of
				  the plan of merger which specifically describes nonconforming deposits, loans
				  and borrowings (see section
				  110.1[f]), as required;
(b) the computation
				  of deposits for any office of each party to the merger required by section
				  110.2(c)(2);
(c) the listing of loan participations and
				  loan participants required by section
				  110.2(d)(6);
(d) the information required by section
				  110.2(e)(2);
(e) the income and expense reports required
				  by section
				  110.3(e);
(f) the statement required by section
				  110.3(f).
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Savings and Loan Associations › Supervisory Policy 1 - Authorization for Trust Powers for Savings and Loan Associations › Section 1.1 - General statement

Current through Register Vol. 46, No. 28, July 10, 2024
Pursuant to the provisions of section 380-h  of
					 the Banking Law, the Banking Board is prepared to authorize a State-chartered
					 savings and loan association to exercise through a trust department any or all
					 of the powers specified in sections 100, 100-a, 100-b and
					 100-c  of the Banking Law in accordance
					 with applicable law, provided that:
(a) the granting of such powers to the
				  institution will promote the convenience and advantage of the public;
				  and
(b) the proposed management of
				  the trust department commands confidence and warrants the belief that the
				  business of such department will be honestly and efficiently conducted in
				  accordance with the intent and purposes of applicable law.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Savings and Loan Associations › Supervisory Policy 1 - Authorization for Trust Powers for Savings and Loan Associations › Section 1.2 - General criteria

Current through Register Vol. 46, No. 28, July 10, 2024
In passing upon an application pursuant to section 380-h,
					 the Banking Board will consider, in addition to any other facts or
					 circumstances deemed proper, the following:
(a) the financial condition of the
				  applicant;
(b) the qualifications
				  and experience of the proposed officer or officers of the trust department and
				  the nature of the supervision to be exercised over the fiduciary
				  activities;
(c) the type or types
				  of fiduciary activities proposed to be undertaken; and
(d) the plan of operations of the applicant's
				  trust department, including information as to the manner in which legal,
				  accounting, investment and recordkeeping functions of such department are to be
				  performed and information as to any plans to obtain related services from
				  outside sources.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Savings and Loan Associations › Supervisory Policy 1 - Authorization for Trust Powers for Savings and Loan Associations › Section 1.3 - Specific requirements

Current through Register Vol. 46, No. 28, July 10, 2024
An application for authority to exercise any fiduciary
					 power shall consist of:
(a) a
				  certified copy of a resolution of the applicant's board of directors,
				  authorizing the applicant to file the application and to undertake the
				  fiduciary activities specified in the application; and
(b) a written statement covering the matters
				  specified in section
				  1.2(b)-(d) 
				  of this Supervisory Policy and such other matters as the Banking Department
				  shall request after consultation with the applicant.