(1) A bank must open an approved branch within 18 months of the date of branch bank approval. Upon written request by the applicant and a finding of good cause by the department, the 18-month period may be extended by the department for a maximum of an additional six months.

(2) During the formation and establishment of the new branch bank, the applicant must inform the department of significant changes affecting any of the commitments, representations or projections contained in the original application. Significant changes include, but are not limited to, the location of the new branch bank, the services to be offered by the new branch bank, and the staffing or management of the new branch bank. Significant changes may be sufficient to void the department's approval.