The commissioner may not approve an application for a branch office unless he shall have affirmatively found from the data furnished with the application, the evidence adduced at the hearing, and his official records that:

1. (1) The applying association has had no supervisory problems which would affect its ability to properly operate such office.
2. (2) The proposed operation will not unduly harm any other association operating in the community of the proposed branch.
3. (3) A separate enclosed office area will be provided (such enclosure may be by counters or railings of less than ceiling height).
4. (4) The proposed branch office will have qualified full-time management.
5. (5) There is a public need for the proposed branch office and the volume of business in the community in which the proposed branch office will conduct its business is such as to indicate a profitable operation to the association within a reasonable period of time.
6. (6) The facility will commence operation within a period of 12 months after the date of approval unless an extension is granted, in writing, by the commissioner. No more than one 12-month extension will be approved by the commissioner, unless good cause for such extension is shown. At the end of any approved extension, if the office has not been opened, the authority for such office shall be forfeited.
7. (7) The character, responsibility, and general fitness of the current directors and officers of the applicant are such as to command confidence and warrant belief that the branch office will be honestly and efficiently conducted in accordance with the intent and purpose of this Act.

Source Note:The provisions of this §53.4 adopted to be effective January 1, 1976; amended to be effective November 22, 1978, 3 TexReg 3955; amended to be effective March 31, 1981, 6 TexReg 935; amended to be effective July 13, 1983, 8 TexReg 2345; amended to be effective May 29, 1985, 10 TexReg 1540; amended to be effective January 18, 1989, 14 TexReg 52.