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Question 280

In which of the following situations does a bank need to post a branch closing notice?

A bank closes a branch temporarily because of heavy hurricane damage.

A bank closes a branch in a suburban neighborhood because business has not adequately developed there.

A bank decides not to exercise its option to purchase a branch it has been temporarily running for the FDIC as a part of a purchase of a failed institution.

A bank closes a branch and moves it 850 feet down the street.

Correct Answer: B

A bank is required to post a branch closing notice when it permanently closes a branch due to insufficient business development in the area. Temporary closures due to events like hurricanes, decisions not to purchase temporarily managed branches, or relocations of short distances do not require such notices.

Discussion

Cam22Option: B

B is correct