Short-Distance Relocation Law and Legal Definition

According to 12 CFR 5.3 (Title 12, Banks And Banking; Chapter I, Comptroller of the Currency, Department of the Treasury; Part 5, Rules, Policies, and Procedures for Corporate Activities; Subpart A, Rules Of General Applicability) the term “Short-Distance Relocation means “moving the premises of a branch or main office within a: (1) One thousand foot-radius of the site if the branch is located within a central city of an MSA;(2) One-mile radius of the site if the branch is not located within a central city, but is located within an MSA; or(3) Two-mile radius of the site if the branch is not located within an MSA.