This Supervisory Procedure is designed to provide the Superintendent of Financial Services (superintendent) with detailed information concerning the planned closings of branch offices by State-chartered banking organizations, the availability of alternative financial services within the general area served by such branches, and the economic impact upon the community resulting from such closings, and to provide the superintendent with authority to conduct meetings with banking organizations and community groups in areas where a branch closing is planned. A sale or other transfer of a branch office which does not result in any material reduction in the financial services offered at such location shall not be deemed to be a closing of such branch, notwithstanding the fact that the ownership of such branch has been transferred from a banking organization to another banking institution. Provided that the report and notice are given as required in sections 112.2 and 112.3 of this Procedure, nothing contained in this Procedure shall prevent a banking organization from closing a branch.