New Jersey Administrative Code
Title 3 - BANKING
Chapter 1 - GENERAL PROVISIONS
Subchapter 2 - PROCEDURAL RULES
Section 3:1-2.20 - Criteria for branch approval: Public interest
Universal Citation: NJ Admin Code 3:1-2.20
Current through Register Vol. 56, No. 18, September 16, 2024
(a) In reaching a determination as to whether an applicant meets the requirement that "the interests of the public will be served to advantage by the establishment of such full branch" as required by 17:9A-20(A)(1)(b), the Commissioner shall consider only the following factors:
1. The availability of the proposed office to
the general public or that segment of the public to be served as the case may
be;
2. The presence and experience
of a newly-chartered institution or an institution subject to supervisory
review by the Department within the trade area of the proposed
office;
3. The conditions set forth
in Departmental regulations regarding insider real estate transactions, if any;
and
4. The current financial
condition of the applicant, including, but not limited to, capital, asset
quality, management, earnings and liquidity. Department files, with respect to
the factors contained in this subsection, shall be confidential as required by
17:9A-264 and shall not be open or
available for review by either the applicant or objectors; and
5. The Commissioner's determination with
respect to these factors shall be a final agency decision.
(b) The number of existing institutions and the ability of existing institutions within the trade area of the proposed office to compete with the applicant shall not form the sole basis for denying the full branch approval.
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