Regulatory Alerts2016-01-01
Property Acquired for Future Expansion and Branch Application
The Alabama Superintendent of Banks issued this memorandum to update department policy regarding the acquisition of property for future expansion and the application process for new branch offices. Banks must notify the Superintendent within ten days of acquiring property for future expansion and obtain written approval to hold such assets for more than five years. Additionally, all state-chartered banks must submit a letter application with full details and fees before constructing a new branch, subject to potential conditions regarding capital ratios and internal controls.
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