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HomeFinancial CodeDiv. 1.1Ch. 4§ 1081 Bank Facility Office Closure

§ 1081 Bank Facility Office Closure

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 1081 Bank Facility Office Closure

This law lets a bank close a facility office if its board agrees, and says the bank must tell the commissioner about the closure within 10 days, using the info listed in Section 1076, without paying any fee.

Key Takeaways

  • •The bank's board must approve the closure first.
  • •The bank has to file a notice of the closure with the commissioner within 10 days.
  • •The notice must contain the information listed in Section 1076.
  • •There is no fee for filing the discontinuance notice.

Example

A local bank decides to shut down a small branch after the board votes to do so.

The bank must send a notice to the commissioner within 10 days of the branch closing, include the details required by Section 1076, and it doesn't have to pay any fee for filing the notice.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 1081 Bank Facility Office Closure

A bank, with the approval of its board, may discontinue a facility office. Within 10 days of the date of the closure of the facility office, the bank shall file a notice of that discontinuance with the commissioner. The notice shall contain the information required by Section 1076. There shall be no fee associated with the discontinuance of a facility office. (Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)

Last verified: January 10, 2026

Key Terms

discontinuefacility officeboardnotice of discontinuancecommissionerSection 1076

Related Statutes

  • § 1071 Bank Office Certificate Fees
  • § 1073 Bank Office Establishment Approval
  • § 1076 Bank Office Change Notice
  • § 1077 Bank Office Annual Report
  • § 1079 Bank Office Approval Rules

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 1081.
View Official Source