51A-2-16 Applications to organize or change control of bank, to merge, to open or close branch bank...
Applications to organize or change control of bank, to merge, to open or close
branch banks, or to change location.
The director shall act upon an application to organize or change
control of a bank, an application for a bank merger, an application to open or close a branch bank,
mobile branch bank, or loan production office, or an application to change a bank's location. Upon
the filing of a completed application deemed acceptable to the director, the director shall cause a
public notice of the application to be published in a newspaper of general circulation serving the
community most directly affected by the application together with such other means of notification
to interested persons as the director may determine.
The notice shall direct that any interested persons may file a written objection or written
comment to the application with the division within thirty days following the date of publication.
Within forty-five days following the date of publication, the director shall consider any written
objection and written comment and, in accordance with § 51A-3-9, either approve or disapprove the
application. The director shall provide written notice of the director's action on the application to the
applicant and to any person having filed with the division any written objection or written comment
by mail to the person's last known address.
An applicant aggrieved by the director's action on the application, may, within fifteen days after
the notice has been mailed, file with the division a written request for a hearing before the
commission. Any person who has filed a written objection to the application may, within fifteen days
after the notice has been mailed, file a motion with the commission in accordance with § 1-26-17.1
to become a party to the application proceeding and request a hearing before the commission. Unless
the commission grants the motion or unless the applicant has filed a written request for hearing
before the commission, the director's determination on the application is final.
All proceedings before the commission on an application shall be held in conformance with
chapter 1-26. If the application involves establishment of any type of competitive banking service
in the trade territory of a bank in which any banking commissioner is interested, the commissioner
shall be deemed disqualified and the commission shall be recomposed as provided in § 51A-2-11.
Source: SDC 1939, § 6.0205 (4); SL 1966, ch 12; SDCL §§ 51-2-20, 51-2-21; SL 1969, ch 11,
§ 2.13 (3); SL 1988, ch 377, § 29; SDCL § 51-16-15; SL 1995, ch 266; SL 1998, ch 278, § 2; SL
2008, ch 252, § 7.