A. Except as provided in this chapter, no person shall acquire or make any public offer to acquire, directly or indirectly, control of a Virginia financial institution or a Virginia financial institution holding company, and no Virginia financial institution holding company shall acquire more than five percent of the voting shares of any Virginia financial institution or of any other Virginia financial institution holding company, unless it first shall:

Terms Used In Virginia Code 6.2-704

  • Acquire: means :

    1. See Virginia Code 6.2-700

  • Bank holding company: has the meaning assigned to it in 12 U. See Virginia Code 6.2-700
  • Commission: means the State Corporation Commission. See Virginia Code 6.2-100
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Entity: means any corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
  • Financial institution: means any bank, trust company, savings institution, industrial loan association, consumer finance company, or credit union. See Virginia Code 6.2-100
  • Financial institution holding company: means any person that has control over any financial institution or that has control over any person that controls any financial institution. See Virginia Code 6.2-700
  • Out-of-state bank holding company: means a bank holding company that has as its home state a state other than the Commonwealth. See Virginia Code 6.2-700
  • Person: means any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
  • Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
  • Service of process: The service of writs or summonses to the appropriate party.
  • Virginia bank: means a bank that is organized under the laws of the Commonwealth or of the United States and that has the Commonwealth as its home state. See Virginia Code 6.2-700
  • Virginia financial institution: means a financial institution authorized to do business in the Commonwealth. See Virginia Code 6.2-700
  • Virginia financial institution holding company: means any person that has control over any financial institution authorized to do business in the Commonwealth or has control over a person that controls any such financial institution. See Virginia Code 6.2-700

1. File with the Commission an application in such form as the Commission may prescribe from time to time;

2. Deliver to the Commission such other information as the Commission may require with such certification of financial information and such verification by oath or affirmation of other data as the Commission may deem appropriate;

3. Pay such application fee as the Commission may prescribe from time to time; and

4. Except in the case of an entity that is a domestic corporation or a foreign corporation qualified to do business in the Commonwealth, deliver to the Commission a written consent to service of process in any action or suit arising out of or in connection with said proposed acquisition through service of process on the Secretary of the Commonwealth.

B. Upon receipt of an application, the Commission shall notify the affected Virginia financial institution or Virginia financial institution holding company, and shall solicit the views of the affected Virginia financial institution or Virginia financial institution holding company. The application and all other information required by the Commission under this section, except such additional information as the Commission determines should be kept confidential, shall be held as part of the public records and made available to the public.

C. An out-of-state bank holding company may acquire a Virginia bank holding company or a Virginia bank if: (i) the out-of-state bank holding company complies with the application requirements of subsection A and (ii) the Commission does not disapprove the application, after the investigation prescribed by § 6.2-705.

1983, c. 194, § 6.1-383.1; 1985, c. 544, § 6.1-399; 1985, c. 604; 1991, c. 282; 1994, c. 351; 1998, c. 231; 2010, c. 794.

  Previous section
Next section  
 Chapter 7 Contents