§ 6.1-194.131. (Repealed effective October 1, 2010) State savings bank orholding company acquiring state association or commercial bank; savings bankacquired by state association, bank or holding company; merger orconsolidation of state savings bank and state association or commercial bank.
A. Notwithstanding the provisions of § 6.1-58.1 or § 6.1-60.1, and subject tothe prior approval of the Commission, the following acquisitions, mergers, orconsolidations may occur:
1. A state savings bank may become a subsidiary of (i) a state association,state bank, federal savings institution or national bank whose main office islocated within this Commonwealth or (ii) a financial institution holdingcompany whose subsidiaries principally conduct their operations within thisCommonwealth;
2. A state bank or state association may become a subsidiary of a statesavings bank; and
3. A state savings bank may merge into or consolidate with a stateassociation, state bank, federal savings institution or national bank whosemain office is located within this Commonwealth. A state association, statebank or federal financial institution may merge into or consolidate with astate savings bank. If the resulting entity is to do business as a statebank, the Commission shall not approve the merger or consolidation unless theapplicant meets the standards established by § 6.1-13. If the resultingentity is to do business as a state association, the Commission shall notapprove the merger or consolidation unless the applicant meets the standardsestablished by § 6.1-194.12. If the resulting entity is to do business as astate savings bank, the Commission shall not approve the merger orconsolidation unless the applicant meets the standards established by §6.1-194.114. In either case, the order granting a certificate of authority todo business shall designate the main office of the resulting entity. Theresulting entity shall be permitted to operate all branch offices of themerging or consolidating entities that could have been established de novo bythe resulting entity or which were in operation at least five years prior tothe date of the order permitting merger or consolidation. Within one year ofsuch merger or consolidation, the resulting entity shall conform its assetsand operations to the provisions of law regulating the operation of statesavings banks if the resulting entity is operated as a state savings bank, tothe provisions of law regulating the operation of banks if the resultingentity is operated as a state bank or to the provisions of law regulating theoperation of state associations, if the resulting entity is to be operated asa state association. The Commission may grant the resulting entity additionalone-year periods, not to exceed a total of four additional years, in which toconform its assets and operations as provided herein.
B. As used in this section, the term "state bank" means a bank incorporatedunder the laws of the Commonwealth which has its main office in theCommonwealth.
§ 6.1-194.131. (Repealed effective October 1, 2010) State savings bank orholding company acquiring state association or commercial bank; savings bankacquired by state association, bank or holding company; merger orconsolidation of state savings bank and state association or commercial bank.
A. Notwithstanding the provisions of § 6.1-58.1 or § 6.1-60.1, and subject tothe prior approval of the Commission, the following acquisitions, mergers, orconsolidations may occur:
1. A state savings bank may become a subsidiary of (i) a state association,state bank, federal savings institution or national bank whose main office islocated within this Commonwealth or (ii) a financial institution holdingcompany whose subsidiaries principally conduct their operations within thisCommonwealth;
2. A state bank or state association may become a subsidiary of a statesavings bank; and
3. A state savings bank may merge into or consolidate with a stateassociation, state bank, federal savings institution or national bank whosemain office is located within this Commonwealth. A state association, statebank or federal financial institution may merge into or consolidate with astate savings bank. If the resulting entity is to do business as a statebank, the Commission shall not approve the merger or consolidation unless theapplicant meets the standards established by § 6.1-13. If the resultingentity is to do business as a state association, the Commission shall notapprove the merger or consolidation unless the applicant meets the standardsestablished by § 6.1-194.12. If the resulting entity is to do business as astate savings bank, the Commission shall not approve the merger orconsolidation unless the applicant meets the standards established by §6.1-194.114. In either case, the order granting a certificate of authority todo business shall designate the main office of the resulting entity. Theresulting entity shall be permitted to operate all branch offices of themerging or consolidating entities that could have been established de novo bythe resulting entity or which were in operation at least five years prior tothe date of the order permitting merger or consolidation. Within one year ofsuch merger or consolidation, the resulting entity shall conform its assetsand operations to the provisions of law regulating the operation of statesavings banks if the resulting entity is operated as a state savings bank, tothe provisions of law regulating the operation of banks if the resultingentity is operated as a state bank or to the provisions of law regulating theoperation of state associations, if the resulting entity is to be operated asa state association. The Commission may grant the resulting entity additionalone-year periods, not to exceed a total of four additional years, in which toconform its assets and operations as provided herein.
B. As used in this section, the term "state bank" means a bank incorporatedunder the laws of the Commonwealth which has its main office in theCommonwealth.
§ 6.1-194.131. (Repealed effective October 1, 2010) State savings bank orholding company acquiring state association or commercial bank; savings bankacquired by state association, bank or holding company; merger orconsolidation of state savings bank and state association or commercial bank.
A. Notwithstanding the provisions of § 6.1-58.1 or § 6.1-60.1, and subject tothe prior approval of the Commission, the following acquisitions, mergers, orconsolidations may occur:
1. A state savings bank may become a subsidiary of (i) a state association,state bank, federal savings institution or national bank whose main office islocated within this Commonwealth or (ii) a financial institution holdingcompany whose subsidiaries principally conduct their operations within thisCommonwealth;
2. A state bank or state association may become a subsidiary of a statesavings bank; and
3. A state savings bank may merge into or consolidate with a stateassociation, state bank, federal savings institution or national bank whosemain office is located within this Commonwealth. A state association, statebank or federal financial institution may merge into or consolidate with astate savings bank. If the resulting entity is to do business as a statebank, the Commission shall not approve the merger or consolidation unless theapplicant meets the standards established by § 6.1-13. If the resultingentity is to do business as a state association, the Commission shall notapprove the merger or consolidation unless the applicant meets the standardsestablished by § 6.1-194.12. If the resulting entity is to do business as astate savings bank, the Commission shall not approve the merger orconsolidation unless the applicant meets the standards established by §6.1-194.114. In either case, the order granting a certificate of authority todo business shall designate the main office of the resulting entity. Theresulting entity shall be permitted to operate all branch offices of themerging or consolidating entities that could have been established de novo bythe resulting entity or which were in operation at least five years prior tothe date of the order permitting merger or consolidation. Within one year ofsuch merger or consolidation, the resulting entity shall conform its assetsand operations to the provisions of law regulating the operation of statesavings banks if the resulting entity is operated as a state savings bank, tothe provisions of law regulating the operation of banks if the resultingentity is operated as a state bank or to the provisions of law regulating theoperation of state associations, if the resulting entity is to be operated asa state association. The Commission may grant the resulting entity additionalone-year periods, not to exceed a total of four additional years, in which toconform its assets and operations as provided herein.
B. As used in this section, the term "state bank" means a bank incorporatedunder the laws of the Commonwealth which has its main office in theCommonwealth.
