Regulatory Alerts2005-04-11
LSA-R.S. 6:507 Closure of a Branch Office (Banks/Savings Bank)
The Louisiana Commissioner of Banks mandates that no bank or savings bank may close a branch office without adhering to specific statutory procedures. Financial institutions must submit written justification and federal notification to the commissioner at least ninety days prior to closure, while also posting conspicuous public notice at the branch thirty days in advance. The commissioner retains the authority to waive these notice requirements if necessary to prevent or alleviate an emergency affecting the institution, its employees, or its customers.
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