6.2-715 - (Effective October 1, 2010) Notice of intent to acquire out-of-state bank. - Virginia Statutes

§ 6.2-715. (Effective October 1, 2010) Notice of intent to acquireout-of-state bank.

A Virginia bank holding company or an out-of-state bank holding company thatcontrols a Virginia bank shall file with the Commission (i) notice of itsintention to acquire a bank outside Virginia and (ii) such information as theCommission shall request. The Commission shall within 30 days, or an extendedperiod not exceeding 15 days, disapprove such acquisition if it determinesthat the acquisition could affect detrimentally the safety or soundness of aVirginia bank. It shall approve such acquisition within 45 days if itdetermines that the acquisition will not affect detrimentally the safety orsoundness of such Virginia bank.

(1985, c. 544, §6.1-406; 1994, c. 351, 1996, c. 17; 2010, c. 794.)