Virginia Code 6.2-715: Notice of intent to acquire out-of-state bank
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A Virginia bank holding company or an out-of-state bank holding company that controls a Virginia bank shall file with the Commission (i) notice of its intention to acquire a bank outside Virginia and (ii) such information as the Commission shall request. The Commission shall within 30 days, or an extended period not exceeding 15 days, disapprove such acquisition if it determines that the acquisition could affect detrimentally the safety or soundness of a Virginia bank. It shall approve such acquisition within 45 days if it determines that the acquisition will not affect detrimentally the safety or soundness of such Virginia bank.
Terms Used In Virginia Code 6.2-715
- 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
- 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
- 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
1985, c. 544, § 6.1-406; 1994, c. 351, 1996, c. 17; 2010, c. 794.