Legal Opinion
Department of Financial Institutions v. Colonial Bank & Trust Co.
Indiana Court of Appeals
Decided May 11, 1978No. 2-975 A 254PublishedCited by 27 opinions
1Opinion of the Court
CASE SUMMARY
BUCHANAN, C.J.
—The Department of Financial Institutions (Department) appeals a decision by the Marion Superior Court, Number Three, reversing its denial of Colonial Bank & Trust Co.’s (Colonial) application to establish a new commercial banking institution, claiming that any procedural errors by the Department were harmless, that the court misinterpreted “public necessity” as stated in IND. CODE 28-1-2-26, and that the denial by the Department was supported by substantial evidence.
We reverse.
FACTS
On June 5,1974, Colonial filed with the Department its application for organization…
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