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A.  A branch office is a legally established place of business of the association, other than the home office, authorized by the board of directors and approved by the commissioner.

B.  Each association shall be operated from the home office.  All branch offices shall be subject to direction from the home office.

C.(1)  No association may establish or maintain a branch office without the prior written approval of the commissioner.  Subject to such written approval, a branch office may be established or maintained at any point within the state.  Each application for approval of the establishment and maintenance of a branch office shall be in the manner and in the form required by the commissioner.

(2)  To determine whether to grant a certificate of authority for the establishment of a proposed branch office, the commissioner shall consider:

(a)  The financial history and condition of the applicant.

(b)  The distribution and adequacy of the capital structure of the applicant.

(c)  The future earning prospects of the applicant.

(d)  The management of the applicant.

(e)  The convenience and needs of the community or area in which the proposed branch office is to be located and the ability of that community or area to support additional facilities.

(f)  The corporate powers of the applicant.

(g)  Any factors required by rule to be considered.

(3)  If the commissioner finds, after consideration, that the public interest will not be served by permitting the establishment of the proposed branch office, he shall refuse to issue the certificate of authority.

Acts 1970, No. 234, §1; Acts 1983, No. 675, §1; Acts 1988, No. 145, §1, eff. June 29, 1988; Acts 1992, No. 66, §1, eff. Sept.  1, 1992.