Virginia Code 6.2-1066: Interstate trust offices by Virginia state banks
A. With the prior approval of the Commission, any Virginia state bank or state trust company may establish a new trust office or acquire a trust office in a state other than the Commonwealth.
Terms Used In Virginia Code 6.2-1066
- Bank: has the meaning assigned to it in 12 U. See Virginia Code 6.2-1065
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- Host state: means a state, other than the home state of a trust institution, in which the trust institution maintains or seeks to acquire or establish an office. See Virginia Code 6.2-1065
- New trust office: means a trust office located in a host state that (i) is originally established by the trust institution as a trust office and (ii) does not become a trust office of the trust institution as a result of (a) the acquisition of another trust institution or trust office of another trust institution or (b) a merger, consolidation, or conversion involving any such trust institution or trust office. See Virginia Code 6.2-1065
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
- State trust company: means a corporation organized or reorganized as a trust company under Article 2 (§ 6. See Virginia Code 6.2-1065
- Trust company: means a state trust company or any other entity chartered to act as a fiduciary that is not a bank. See Virginia Code 6.2-1065
- Trust office: means an office at which a trust institution engages in a trust business and not in the banking business. See Virginia Code 6.2-1065
- Virginia state bank: means a bank chartered under the laws of the Commonwealth and permitted to engage in the trust business pursuant to § 6. See Virginia Code 6.2-1065
B. A Virginia state bank or state trust company desiring to establish and maintain a trust office in another state under this section shall file an application or notice on a form prescribed by the Commission and pay the branch application fee set forth in subdivision B 3 of § 6.2-908. If the Commission finds that the applicant has the financial resources sufficient to undertake the proposed expansion without adversely affecting its soundness and that the laws of the host state permit the establishment of the trust office, it may approve the application. In acting on the application, the Commission shall consider the views of the state bank supervisor of the host state where the trust office is proposed to be located.