6.2-850 - (Effective October 1, 2010) Authority to branch outside the Commonwealth by merger. - Virginia Statutes

§ 6.2-850. (Effective October 1, 2010) Authority to branch outside theCommonwealth by merger.

A. With the prior approval of the Commission, any Virginia state bank maymaintain and operate one or more branches in a state other than theCommonwealth pursuant to an interstate merger transaction in which theVirginia state bank is the resulting bank.

B. The Virginia state bank shall file an application on a form prescribed bythe Commission, pay the merger fee prescribed by § 6.2-908, and comply withthe applicable provisions of Article 12 (§ 13.1-715.1 et seq.) of theVirginia Stock Corporation Act. If the Commission finds that (i) the proposedtransaction will not be detrimental to the safety and soundness of theapplicant, (ii) any new officers and directors of the resulting bank arequalified by character, experience, and financial responsibility to directand manage the resulting bank, and (iii) the proposed merger is in the publicinterest, it may approve the interstate merger transaction and the operationof branches outside Virginia by the Virginia state bank.

C. Such an interstate merger transaction may be consummated only after theapplicant has received the Commission's written approval.

(1995, c. 301, § 6.1-44.17; 2005, c. 765; 2010, c. 794.)