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BUREAU OF BANKING
Department of Professional and Financial Regulation
State of Maine
October 19, 1989

BULLETIN #33 STREAMLINE APPLICATION NOTICE PROCEDURES

To the Chief Executive Officer Addressed:

Title 9-B M.R.S.A. § 336(1) provides for a notification procedure to establish, close or relocate a branch office. At least 30 days prior to the relocation of a main office, or the establishment, relocation or closing of a branch or agency office or facility, the financial institution shall notify the superintendent of the proposed action.

A more comprehensive application for the proposed action may be required only when the superintendent or any interested person requests within 30 days that a complete application be filed. The notification or application, if requested, shall be in a form prescribed by the superintendent. If no application is requested within the 30-day period, the change shall be deemed approved.

In the case of a relocation or opening, this notification will provide the following information:

  1. location;
  2. estimated cost of construction, purchase, leasehold;
  3. proposed opening date;
  4. attested copy of the resolution of the board;
  5. estimated deposit growth and cost of operation; and
  6. reason and rationale for proposed action.

In the case of a closing, the following information is required:

  1. reason and rationale for closing;
  2. breakdown of current loans and deposits at branch;
  3. attested copy of the resolution of the board; and
  4. proposed closing date.

Under the notification procedure, the statute does not require the superintendent to publish notice of the proposed transaction. The Bureau of Banking will, however, provide notice to interested parties affording them opportunity to make comment or request a more comprehensive application. The financial institution must assume the responsibility of notifying the public and its existing customers of any plans which may adversely effect their ability to access the financial institution.

At least 30 days prior to the effective date of a relocation, and 60 days prior to the effective date of a closing, the bank shall provide notice of the proposed transaction. Lobby signs shall be placed in the office subjected to the change and advertisements shall be placed at least twice in a newspaper of general circulation in the effected market area. The notice should contain at least the following information:

  1. the nature of the proposed transaction; and
  2. the anticipated effective date of the change.

Title 9-B M.R.S.A. § 336(1) provides for a fee to accompany the notification in such amount as prescribed by the superintendent. The notification fee is established in Bulletin #9.

/s/ H. Donald DeMatteis

Superintendent

*Replaces Bulletin #33 dated July 23, 1984.

Last Updated: June 5, 2013