§ 6.1-392. (Repealed effective October 1, 2010) Acquisition of interests inbank located in Commonwealth by out-of-state bank holding company orsubsidiary; conditions.
An out-of-state bank holding company or any subsidiary thereof may acquireand hold all or substantially all of the voting shares of a single banklocated in this Commonwealth when and for so long as the following conditionsare satisfied:
1. The bank whose stock is to be acquired is a newly established bank thathas or will have, when chartered and thereafter, no more than a single officelocated in this Commonwealth open to the public for the conduct of bankingbusiness; and such bank shall be created for the primary purpose of engagingin a significant multi-state credit card operation;
2. The bank whose stock is to be acquired has or will have on the date ofcommencement of business in this Commonwealth a minimum capital stock andpaid-in-surplus of five million dollars and thereafter will maintain capitalstock and surplus of five million dollars or an amount equal to six andone-half percent of its total assets, whichever is greater, so long as itcontinues to do business in this Commonwealth;
3. The bank whose stock is to be acquired employs on the date of commencementof its banking business in this Commonwealth or will employ within one yearof such date not less than forty persons in this Commonwealth in itsbusiness; provided, that there shall be counted in the number of persons tobe so employed, new employees in this Commonwealth of all subsidiaries of theout-of-state bank holding company. For the purposes of this subsection,"new employees" shall be defined as including only those employees of thesubsidiaries of the out-of-state bank holding company who were first employedby such subsidiaries within Virginia no more than nine months before theCommission approved the acquisition pursuant to subdivision 5 of this section;
4. The bank whose stock is to be acquired is operated in a manner and at alocation that is not likely to attract customers from the general public inthis Commonwealth to the substantial detriment of existing bankinginstitutions located in this Commonwealth; however, such bank may be operatedin a manner likely to attract and retain customers with whom that bank, theout-of-state holding company, or such holding company's bank or nonbankingsubsidiaries have or have had business relations; and
5. Such acquisition has received the prior approval of the Commission.
§ 6.1-392. (Repealed effective October 1, 2010) Acquisition of interests inbank located in Commonwealth by out-of-state bank holding company orsubsidiary; conditions.
An out-of-state bank holding company or any subsidiary thereof may acquireand hold all or substantially all of the voting shares of a single banklocated in this Commonwealth when and for so long as the following conditionsare satisfied:
1. The bank whose stock is to be acquired is a newly established bank thathas or will have, when chartered and thereafter, no more than a single officelocated in this Commonwealth open to the public for the conduct of bankingbusiness; and such bank shall be created for the primary purpose of engagingin a significant multi-state credit card operation;
2. The bank whose stock is to be acquired has or will have on the date ofcommencement of business in this Commonwealth a minimum capital stock andpaid-in-surplus of five million dollars and thereafter will maintain capitalstock and surplus of five million dollars or an amount equal to six andone-half percent of its total assets, whichever is greater, so long as itcontinues to do business in this Commonwealth;
3. The bank whose stock is to be acquired employs on the date of commencementof its banking business in this Commonwealth or will employ within one yearof such date not less than forty persons in this Commonwealth in itsbusiness; provided, that there shall be counted in the number of persons tobe so employed, new employees in this Commonwealth of all subsidiaries of theout-of-state bank holding company. For the purposes of this subsection,"new employees" shall be defined as including only those employees of thesubsidiaries of the out-of-state bank holding company who were first employedby such subsidiaries within Virginia no more than nine months before theCommission approved the acquisition pursuant to subdivision 5 of this section;
4. The bank whose stock is to be acquired is operated in a manner and at alocation that is not likely to attract customers from the general public inthis Commonwealth to the substantial detriment of existing bankinginstitutions located in this Commonwealth; however, such bank may be operatedin a manner likely to attract and retain customers with whom that bank, theout-of-state holding company, or such holding company's bank or nonbankingsubsidiaries have or have had business relations; and
5. Such acquisition has received the prior approval of the Commission.
§ 6.1-392. (Repealed effective October 1, 2010) Acquisition of interests inbank located in Commonwealth by out-of-state bank holding company orsubsidiary; conditions.
An out-of-state bank holding company or any subsidiary thereof may acquireand hold all or substantially all of the voting shares of a single banklocated in this Commonwealth when and for so long as the following conditionsare satisfied:
1. The bank whose stock is to be acquired is a newly established bank thathas or will have, when chartered and thereafter, no more than a single officelocated in this Commonwealth open to the public for the conduct of bankingbusiness; and such bank shall be created for the primary purpose of engagingin a significant multi-state credit card operation;
2. The bank whose stock is to be acquired has or will have on the date ofcommencement of business in this Commonwealth a minimum capital stock andpaid-in-surplus of five million dollars and thereafter will maintain capitalstock and surplus of five million dollars or an amount equal to six andone-half percent of its total assets, whichever is greater, so long as itcontinues to do business in this Commonwealth;
3. The bank whose stock is to be acquired employs on the date of commencementof its banking business in this Commonwealth or will employ within one yearof such date not less than forty persons in this Commonwealth in itsbusiness; provided, that there shall be counted in the number of persons tobe so employed, new employees in this Commonwealth of all subsidiaries of theout-of-state bank holding company. For the purposes of this subsection,"new employees" shall be defined as including only those employees of thesubsidiaries of the out-of-state bank holding company who were first employedby such subsidiaries within Virginia no more than nine months before theCommission approved the acquisition pursuant to subdivision 5 of this section;
4. The bank whose stock is to be acquired is operated in a manner and at alocation that is not likely to attract customers from the general public inthis Commonwealth to the substantial detriment of existing bankinginstitutions located in this Commonwealth; however, such bank may be operatedin a manner likely to attract and retain customers with whom that bank, theout-of-state holding company, or such holding company's bank or nonbankingsubsidiaries have or have had business relations; and
5. Such acquisition has received the prior approval of the Commission.
