6.2-837 - (Effective October 1, 2010) Interstate branching by Virginia state banks. - Virginia Statutes

§ 6.2-837. (Effective October 1, 2010) Interstate branching by Virginia statebanks.

A. With the prior approval of the Commission, any Virginia state bank mayestablish and maintain a de novo branch or acquire a branch in a state otherthan the Commonwealth.

B. A Virginia state bank desiring to establish and maintain a branch inanother state under this section shall file an application on a formprescribed by the Commission and pay the branch application fee set forth in§ 6.2-908. If the Commission finds that the applicant has the financialresources sufficient to undertake the proposed expansion without adverselyaffecting its soundness and that the laws of the host state permit theestablishment of the branch, it may approve the application. In acting on theapplication, the Commission shall consider the views of the state banksupervisor of the host state where the branch is proposed to be located. Thebank may establish the branch when it has received the written approval ofthe Commission.

(1995, c. 301, § 6.1-44.3; 2010, c. 794.)