Any financial institution or credit union may relocate a branch upon sixty (60) days’ prior written notice to the director, or the director’s designee, provided that the relocated branch is:
(1) To be located within the same city or town as the existing branch; or
(2) To be located within a ten (10) mile radius of the existing branch; and
(3) The existing branch will be closed upon construction and/or occupancy of the relocated branch.