With the approval of the Superintendent [Commissioner of the Department of Insurance, Securities, and Banking], a District state bank may establish and maintain a de novo branch or acquire a branch in a state other than the District. A District state bank (“applicant”) desiring to branch into a state other than the District under this section shall file an application on a form provided by the Superintendent [Commissioner] and pay a branching fee of $500 to the Superintendent [Commissioner]. If, within 30 days after receipt of the application, the Superintendent [Commissioner] determines that the applicant possesses sufficient resources to branch into a state other than the District, the Superintendent [Commissioner] shall approve the application. In reviewing the application, the Superintendent [Commissioner] shall consider the views of the state bank supervisor of the host state where the branch is proposed to be located. If the Superintendent [Commissioner] fails to approve or disapprove an application within 30 days of receipt, the application shall be deemed approved. The Superintendent [Commissioner] may extend this 30-day review period for an additional 30 days upon a showing of good cause. A District state bank that branches into a state other than the District may exercise, at that branch, all rights and powers permitted to banks chartered by that state unless the Superintendent [Commissioner] determines that the exercise of such rights or powers would threaten the safety and soundness of the District bank.
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