Section 3. A bank which has received a rating of satisfactory or higher in its most recent examination pursuant to section 14 of chapter 167 and which is adequately capitalized, and has not been notified that it is in troubled condition, may establish and maintain 1 or more branch offices or depots in a city or town within the commonwealth upon at least 60 days written notice in advance thereof to the commissioner; but, if in the opinion of the commissioner, the public would not benefit by the establishment of the additional banking facilities or that competition among banking institutions would be adversely affected thereby, he may disapprove the same in writing within the 60–day period.

A bank, national banking association, federal savings and loan association or federal savings bank located in the commonwealth, the majority of shares of the voting stock of which is owned by a bank holding company pursuant to chapter 167A, 167H, or 12 USC 1841 et seq., if the main office of such company is located in the commonwealth, may transact with a customer business which pertains to the customer's accounts maintained at any other bank located in the commonwealth the majority of the voting shares of which is owned by the same bank holding company in like manner.

With the written consent of the commissioner and under procedures as he may require, a branch office or depot may be closed or its location may be changed; but before approving the closing or relocation, the commissioner shall determine that the area served by the branch office or depot will not be adversely affected thereby. In making that determination, the commissioner shall consider the effects of the closing as it relates to the availability of credit in the area, the convenience and necessity of deposit services therein, and other factors he considers appropriate.

The business at a depot shall be transacted only on the days designated by the governing board thereof, and shall be limited to the receipt of deposits and collection of moneys due or payable to the bank, and the business shall be subject to such other conditions, prescribed by the commissioner.