State Ex Rel. Banking Commission v. Bank of Rocky Mount
Docket: 7110SC213
Court: Court of Appeals of North Carolina; August 4, 1971; North Carolina; State Appellate Court
The North Carolina Court of Appeals addressed several assignments of error raised by the appellant, Bank of Rocky Mount, regarding the Banking Commission's decision on an application by First Citizens Bank. 1. The first assignment contested the Commission chairman's ruling allowing members who had not heard all evidence to vote, provided they reviewed the transcripts beforehand. The court referenced a prior ruling (Crawford v. Wayne County Board of Education) stating that an administrative decision is valid if absent members consider evidence received. It was established that the Commission members had access to transcripts mailed on August 23, 1970, prior to the September 23 vote, leading the court to overrule this assignment. 2. The second assignment argued that the Commission erred by allowing the Commissioner of Banks to express an opinion on the potential solvency impact on the protestant bank without being formally accepted as an expert witness. The court determined that, despite the lack of a formal designation, sufficient evidence existed in the record to imply the Commissioner was recognized as an expert. The court noted that the Commission called the witness and allowed for cross-examination, thereby overruling this assignment as well. 3. The third assignment concerned the mailing of a newspaper article to the Commission, which the appellant claimed was done without their knowledge and violated G.S. 143-318. However, the court found no evidence in the record that the Commission received or considered the article, leading to the conclusion that this assignment lacked merit. Overall, the court upheld the decisions made by the Banking Commission and rejected all of the appellant’s assignments of error. Appellant challenges the Commission's findings that a branch bank applied for by First-Citizens is necessary and will not adversely affect the solvency of existing banks in the community. Under G.S. 53-62, approval for establishing branch banks requires a determination that the branch will serve community needs and that sufficient business volume exists to ensure the solvency of the new branch and existing banks. The administrative agency serves as the finder of fact, and its conclusions will stand if supported by competent evidence, even if contrary evidence exists. A thorough review of the record confirms that the Commission's findings are backed by competent evidence, thereby supporting its legal conclusions. The superior court's judgment affirming the State Banking Commission's action is upheld. Judges BROCK and MORRIS concur.