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Can you summarize NERS 8-157?
BANKS AND BANKING > Branch banking; Director of Banking and Finance; powers.
Short Summary
This legal document, part of the Nebraska Revised Statutes governing Banks and Banking, outlines the rules and powers related to branch banking and the Director of Banking and Finance. It states that the general business of every bank should be conducted at the specified place of business in its charter. However, with the approval of the director, banks located in Nebraska can establish and maintain an unlimited number of branches within the state. There are limitations on establishing branches for banks that own or control more than twenty-two percent of the total deposits in Nebraska or are subsidiaries of such banks. The document also allows banks to establish and maintain mobile branches within specific geographical limits. It provides definitions for different county classifications and outlines the process for establishing and acquiring branches. The document also mentions the requirements for naming branches, conducting loan closings at locations other than the bank’s place of business, and establishing savings account programs at schools. The director has the authority to hold public hearings and approve or disapprove branch applications. No specific penalties are mentioned in this document.
Whom does it apply to?
Banks located in Nebraska
What does it govern?
Branch banking; Director of Banking and Finance; powers.
What are exemptions?
Banks that own or control more than twenty-two percent of the total deposits in Nebraska or are subsidiaries of a bank holding company that owns or controls more than twenty-two percent of the total deposits in Nebraska have limitations on establishing and maintaining an unlimited number of branches.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Nebraska