6.1-393 - (Repealed effective October 1, 2010) Application for approval; filing fee; factors to be considered by Commission. - Virginia Statutes

§ 6.1-393. (Repealed effective October 1, 2010) Application for approval;filing fee; factors to be considered by Commission.

A. Any out-of-state bank holding company or subsidiary thereof proposing anacquisition pursuant to § 6.1-392 shall file an application with theCommission for approval to make the acquisition. The application shallcontain any information required by Commission regulation, and shallspecifically acknowledge an applicant's agreement to be bound by theconditions set forth in § 6.1-392. In addition, the application shalldesignate a resident of this Commonwealth as the applicant's registered agentin connection with matters arising out of this chapter and shall beaccompanied by a filing fee of $10,000.

B. In determining whether to approve an acquisition by an out-of-state bankholding company or any subsidiary thereof of any voting stock of a banklocated in this Commonwealth, the Commission shall consider:

1. The financial and managerial resources of the out-of-state bank holdingcompany or its subsidiary;

2. The future prospects of the out-of-state bank holding company or itssubsidiary and the bank whose assets or shares it will acquire;

3. The financial history of the out-of-state bank holding company or itssubsidiary;

4. Whether the acquisition or holding may result in undue concentration ofresources or substantial lessening of competition in this Commonwealth; and

5. The convenience and needs of the public of this Commonwealth.

(1983, c. 193; 1988, c. 115; 1992, c. 283.)