Prior to approving the acquisition of any Virginia bank or Virginia bank holding company by any out-of-state bank holding company, or the acquisition of any out-of-state bank or out-of-state bank holding company by any Virginia bank holding company, the Commission shall enter into cooperative agreements with the appropriate regulatory authorities for the periodic examination of any out-of-state bank holding company that has a Virginia bank subsidiary, or any subsidiary of such holding company. The Commission may accept reports of examination and other records from such authorities in lieu of conducting its own examinations.

Terms Used In Virginia Code 6.2-706

  • 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
  • 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
  • Subsidiary: means an entity over which another person has control. See Virginia Code 6.2-700
  • 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 bank holding company: means a bank holding company that has the Commonwealth as its home state and is not controlled by a bank holding company other than a Virginia bank holding company. See Virginia Code 6.2-700

1985, c. 544, § 6.1-404; 1994, c. 351; 2010, c. 794.

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