Sec. 66.4. Acquisitions of out-of-state insured institutions

(a) Except with the prior approval of the superintendent, no savings and loan holding company or subsidiary thereof shall acquire control of an out-of-state savings and loan holding company or an insured institution, the principal office of which is located in a state other than this State or the District of Columbia if the statute laws of the jurisdiction of the out-of-state savings and loan holding company of insured institution authorized such acquisition because of the provisions of Banking Law, section 413 and this Part.

(b) A savings and loan holding company or subsidiary thereof that seeks such approval shall file a written application with the superintendent and pay the fee specified in section 1.2 of Supervisory Policy G 1 of this Title. The application shall contain such information as the superintendent may deem necessary for the purposes of making a determination under this Part.

(c) The superintendent shall deny any application submitted for approval pursuant to section 66.5 of this Part if, after notice to and on opportunity to be heard by the applicant, the superintendent finds that either:

(1)

(i) the applicant or any of its banking subsidiaries located in this State shall have received within the preceding 24 months an assessment pursuant to the requirements of the Federal Community Reinvestment Act of 1977, United States P.L. 95-128, or Banking Law, section 28-b, indicating that such subsidiary does not have an acceptable record of meeting the credit needs of its entire community, including low and moderate income neighborhoods, consistent with the safe and sound operation of such institution; or

(ii) subsequent to the most recent of such assessments as described in subparagraph (i) of this paragraph, an application submitted by the savings and loan holding company or any of its banking subsidiaries to the superintendent or the appropriate Federal regulatory agency, which application involves an assessment of the savings and loan holding company's or one or more of its banking subsidiaries' performance in meeting the credit needs of its community or communities, shall not have been approved because of an unacceptable record in meeting such credit needs; provided, however, the superintendent may approve any such proposed acquisition or control if the agency that makes such assessment indicates that it has been corrected or the applicant demonstrates to the satisfaction of the superintendent that substantial efforts have been made to comply with the requiremets of the Federal Community Reinvestment Act of 1977 or Banking Law, section 28-b; or

(2) the applicant fails to provide information or produce documents requested by the superintendent in relation to an application.

(d) Unless the superintendent shall have denied such application in writing within 120 days of the receipt thereof, or shall have advised the applicant in writing by certified or registered mail prior to the expiration of 120 days of his or her determination to extend such period an additional 60 days, such application shall be deemed approved.