(a) A Hawaii financial institution shall give the commissioner prior notice of its intent to close any branch or agency at least thirty days prior to the closing. The notice shall specify:

Terms Used In Hawaii Revised Statutes 412:3-507

  • Appropriate federal regulatory agency: means , with respect to a financial institution or financial institution holding company, any one or more regulatory agencies of the federal government referred to in the following sentence which either (1) insures the deposits of the financial institution or financial institution holding company, or (2) has the power and duty to conduct periodic general examinations of the affairs of the financial institution or financial institution holding company by virtue of the legal characterization of the financial institution or financial institution holding company under federal law, and not by virtue of the fact of affiliation of the financial institution or financial institution holding company with any other person or an alleged violation of a specific law. See Hawaii Revised Statutes 412:1-109
  • Commissioner: means the commissioner of financial institutions of this State. See Hawaii Revised Statutes 412:1-109
  • Federal: means belonging to, part of, or related to the government of the United States of America. See Hawaii Revised Statutes 412:1-109
  • Financial institution: means a Hawaii financial institution, and unless the context indicates otherwise, a federal financial institution or foreign financial institution. See Hawaii Revised Statutes 412:1-109
  • Hawaii financial institution: means :

    (1) A corporation or credit union that holds a charter or license under this chapter or under prior Hawaii law, authorizing it to accept deposits, to make loans in excess of the rates permitted in chapter 478, or to engage in the business of a trust company; or

    (2) A resulting bank as defined in article 12,

    and includes a corporation or credit union existing and chartered as a Hawaii financial institution or licensed to transact business in this State on July 1, 1993. See Hawaii Revised Statutes 412:1-109

(1) The intended date of closing;
(2) The reasons for the closing; and
(3) A certification by the secretary or other authorized officer of the institution that the decision to close was duly approved by its board of directors.

This notice may be satisfied by providing to the commissioner a copy of any notice pertaining to the closure given to the financial institution’s appropriate federal regulatory agency.

(b) A Hawaii financial institution may temporarily close or relocate a branch or agency for a period of time up to one hundred eighty days, or a longer time period as determined necessary by the commissioner in the event of an emergency or for other good cause. For purposes of this section, an emergency means a situation of an unusual or compelling urgency that creates a threat to life, public health, welfare, or safety by reason of major natural disaster, epidemic, riot, fire, or other reason as determined by the commissioner. Written notice of a temporary closure or relocation shall be provided to the commissioner and to the Hawaii financial institution’s customers as soon as practicable, and shall state:

(1) The reasons for the temporary closure or relocation;
(2) The expected date of reopening; and
(3) Information regarding where and how customers of the closed or relocated branch or agency will be accommodated during the temporary closure or relocation.

The notice provided to the Hawaii financial institution’s customers shall be in the form of a sign posted in a safe, conspicuous location on or in proximity to the primary public entrance of the branch or agency that has been or will be temporarily closed or relocated. Notice of the reopening of the branch or agency that was temporarily closed or relocated shall be provided to the commissioner within five days of the reopening. Written notice to the commissioner of temporary closure and subsequent reopening of a branch or agency shall not be required when the Hawaii financial institution reopens at that location within two business days.

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