(1) For applications approved by the board or Division of Banking and Financial Institutions, the applicant bank within 18 months from the date of approval must establish and open the new branch bank for regular business. Upon written request by the applicant and a finding of good cause by the division, the 18-month period may be extended by the division for a maximum of an additional six months.
(2) During the formation and establishment of the new branch bank, the applicant must inform the division of significant changes affecting any of the commitments, representations or projections contained in the original application. Significant changes including, but not limited to, the location of the new branch bank, the services to be offered by the new branch bank, the staffing or management of the new branch bank, the costs to be incurred during the construction, furnishing and fitting of the new branch bank or the projected operating costs of the new branch bank may be sufficient to void the board or division's approval.
(3) No later than ten business days before the new branch bank is opened for business, the applicant shall certify to the Division of Banking and Financial Institutions that all conditions imposed with the division's approval have been met and inform the division of the proposed opening date. The division will then issue a final order authorizing the new branch bank to open for business.