The commissioner may not approve an application for a branch office unless the commissioner finds, based on the information furnished with the application, evidence adduced at the hearing, and department records that:

1. (1) the applying association has had no supervisory problems that would affect its ability to properly operate the branch office;
2. (2) the proposed operation will not unduly harm any other association operating in the same community as the proposed branch;
3. (3) a separate enclosed office area will be provided (utilization of counters or railings of less than ceiling height is acceptable);
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 that profitable operation is feasible 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; and
7. (7) the character, responsibility, and general fitness of the current directors and officers of the applicant are such that they command confidence and warrant belief that the branch office will be honestly and efficiently conducted in accordance with the intent and purpose of the Texas Savings and Loan 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; amended to be effective May 5, 2016, 41 TexReg 3102.