Regulatory Alerts2005-04-11
Closure of a Branch Office (Savings & Loan)
The Louisiana Commissioner of Financial Institutions mandates that savings and loan associations and savings banks must follow specific procedures to close a branch office. Institutions are required to submit written justification and federal notification to the commissioner at least ninety days before the closure date. Additionally, a conspicuous notice detailing the closure date and account transfer information must be posted at the branch at least thirty days prior to closing.
Share