N.J. Admin. Code § 3:21-3.4

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:21-3.4 - Content of branch applications of credit unions

(a) An application by a New Jersey State chartered credit union to establish a branch office shall contain:

1. The name of the credit union and the location of the applied for branch;

2. An original certification of a copy of the board resolution authorizing the application;

3. If the proposed transaction involves the acquisition of deposits from another credit union:

i. Pro forma balance sheet projections reflecting the acquiring credit union before and after the acquisition; and

ii. Projections of the ratio of capital to total assets of the credit union before and after the acquisition;

4. If the branch is to be located outside of New Jersey, a statement from the proposed host state regulator of credit unions that the New Jersey State chartered credit union is authorized by the law of that host state to establish a branch in that state or territory; and

5. All other documentation required of a specific applicant by the Commissioner or which the applicant wishes the Department to consider.

(b) An application by an out-of-State state chartered credit union to establish a branch office in New Jersey shall contain:

1. The name of the credit union and the location of the applied for branch;

2. A filing fee of $ 25.00;

3. An original certification of a copy of the board resolution authorizing the application;

4. Proof of deposit insurance;

5. Certification by its home state regulator indicating that the credit union is incorporated under the credit union laws of its home state and that the laws of its home state permit a New Jersey State chartered credit union to establish a branch in its home state;

6. A copy of the branch application submitted to its home state regulator;

7. A copy of its most recent Financial Performance Report; and

8. All other documentation required of a specific applicant by the Commissioner or which the applicant wishes the Department to consider.

(c) An out-of-State state chartered credit union that seeks approval to relocate a New Jersey branch or a New Jersey State chartered credit union that seeks approval to relocate a branch shall submit the following to the Department:

1. A letter indicating where the office will be relocated to, why it is being relocated, and stating how its relocation will benefit the members of the credit union;

2. An original certification of a copy of the board resolution authorizing the relocation; and

3. All other documentation required of a specific applicant by the Commissioner or which the applicant wishes the Department to consider.

N.J. Admin. Code § 3:21-3.4

Amended by R.2006 d.233, effective 6/19/2006.
See: 38 N.J.R. 5(a), 38 N.J.R. 2671(a).
Deleted former (a)2; and recodified (a)3 through (a)6 as (a)2 through (a)5.