A. Any out-of-state savings institution, insured by the Federal DepositInsurance Corporation or other federal insurance agency, may acquire aVirginia savings institution holding company or a Virginia savingsinstitution with the approval of the Commission. Such savings institutionshall submit to the Commission an application for approval of suchacquisition, which application may be approved in the event:
1. The Commission determines that the laws of the state in which the savingsinstitution making the acquisition has its principal place of business do notprohibit or unfairly impede a Virginia savings institution meeting thecriteria in this article from acquiring savings institutions or savingsinstitution holding companies in that state;
2. The Commission determines that the laws of the state in which the savingsinstitution making the acquisition has its principal place of business permitsuch savings institution to be acquired by the Virginia savings institutionholding company or Virginia savings institution sought to be acquired;
3. The Commission determines that the Virginia savings institution sought tobe acquired has been in existence and continuously operating for more thantwo years or that all of the Virginia savings institution subsidiaries of theVirginia savings institution holding company sought to be acquired have beenin existence and continuously operating for more than two years. TheCommission may approve the acquisition by a savings institution of all orsubstantially all of the shares of a savings institution organized solely forthe purpose of facilitating the acquisition of a savings institution that hasbeen in existence and continuously operating as a savings institution formore than two years; and
4. The Commission makes the acquisition subject to any conditions,restrictions, requirements or other limitations that would apply to theacquisition by a Virginia savings institution of a savings institution orsavings institution holding company in the state where the savingsinstitution making the acquisition has its principal place of business butthat would not apply to the acquisition of a savings institution or savingsinstitution holding company in such state by a savings institution located inthat state.
B. An out-of-state savings institution, insured by the Federal DepositInsurance Corporation or other federal insurance agency, that has previouslyacquired a Virginia savings institution or Virginia savings institutionholding company may acquire any additional Virginia savings institution orVirginia savings institution holding company with the approval of theCommission. Such savings institution shall submit to the Commission anapplication for approval of such acquisition, which application may beapproved in the event:
1. The Commission determines that the Virginia savings institution sought tobe acquired has been in existence and continuously operating for more thantwo years. The Commission may approve the acquisition by a savingsinstitution of all or substantially all of the shares of a savingsinstitution organized solely for the purpose of facilitating the acquisitionof a savings institution that has been in existence and continuouslyoperating as a savings institution for more than two years; and
2. The Commission makes the acquisition subject to any conditions,restrictions, requirements or other limitations that would apply to theacquisition by a Virginia savings institution of a savings institution or asavings institution holding company in the state where the savingsinstitution making the acquisition has its principal place of business butthat would not apply to the acquisition of a savings institution or a savingsinstitution holding company in such state by a savings institution located inthat state.
(1985, c. 425; 1986, c. 500; 1990, c. 3; 1994, c. 353.)
A. Any out-of-state savings institution, insured by the Federal DepositInsurance Corporation or other federal insurance agency, may acquire aVirginia savings institution holding company or a Virginia savingsinstitution with the approval of the Commission. Such savings institutionshall submit to the Commission an application for approval of suchacquisition, which application may be approved in the event:
1. The Commission determines that the laws of the state in which the savingsinstitution making the acquisition has its principal place of business do notprohibit or unfairly impede a Virginia savings institution meeting thecriteria in this article from acquiring savings institutions or savingsinstitution holding companies in that state;
2. The Commission determines that the laws of the state in which the savingsinstitution making the acquisition has its principal place of business permitsuch savings institution to be acquired by the Virginia savings institutionholding company or Virginia savings institution sought to be acquired;
3. The Commission determines that the Virginia savings institution sought tobe acquired has been in existence and continuously operating for more thantwo years or that all of the Virginia savings institution subsidiaries of theVirginia savings institution holding company sought to be acquired have beenin existence and continuously operating for more than two years. TheCommission may approve the acquisition by a savings institution of all orsubstantially all of the shares of a savings institution organized solely forthe purpose of facilitating the acquisition of a savings institution that hasbeen in existence and continuously operating as a savings institution formore than two years; and
4. The Commission makes the acquisition subject to any conditions,restrictions, requirements or other limitations that would apply to theacquisition by a Virginia savings institution of a savings institution orsavings institution holding company in the state where the savingsinstitution making the acquisition has its principal place of business butthat would not apply to the acquisition of a savings institution or savingsinstitution holding company in such state by a savings institution located inthat state.
B. An out-of-state savings institution, insured by the Federal DepositInsurance Corporation or other federal insurance agency, that has previouslyacquired a Virginia savings institution or Virginia savings institutionholding company may acquire any additional Virginia savings institution orVirginia savings institution holding company with the approval of theCommission. Such savings institution shall submit to the Commission anapplication for approval of such acquisition, which application may beapproved in the event:
1. The Commission determines that the Virginia savings institution sought tobe acquired has been in existence and continuously operating for more thantwo years. The Commission may approve the acquisition by a savingsinstitution of all or substantially all of the shares of a savingsinstitution organized solely for the purpose of facilitating the acquisitionof a savings institution that has been in existence and continuouslyoperating as a savings institution for more than two years; and
2. The Commission makes the acquisition subject to any conditions,restrictions, requirements or other limitations that would apply to theacquisition by a Virginia savings institution of a savings institution or asavings institution holding company in the state where the savingsinstitution making the acquisition has its principal place of business butthat would not apply to the acquisition of a savings institution or a savingsinstitution holding company in such state by a savings institution located inthat state.
(1985, c. 425; 1986, c. 500; 1990, c. 3; 1994, c. 353.)
A. Any out-of-state savings institution, insured by the Federal DepositInsurance Corporation or other federal insurance agency, may acquire aVirginia savings institution holding company or a Virginia savingsinstitution with the approval of the Commission. Such savings institutionshall submit to the Commission an application for approval of suchacquisition, which application may be approved in the event:
1. The Commission determines that the laws of the state in which the savingsinstitution making the acquisition has its principal place of business do notprohibit or unfairly impede a Virginia savings institution meeting thecriteria in this article from acquiring savings institutions or savingsinstitution holding companies in that state;
2. The Commission determines that the laws of the state in which the savingsinstitution making the acquisition has its principal place of business permitsuch savings institution to be acquired by the Virginia savings institutionholding company or Virginia savings institution sought to be acquired;
3. The Commission determines that the Virginia savings institution sought tobe acquired has been in existence and continuously operating for more thantwo years or that all of the Virginia savings institution subsidiaries of theVirginia savings institution holding company sought to be acquired have beenin existence and continuously operating for more than two years. TheCommission may approve the acquisition by a savings institution of all orsubstantially all of the shares of a savings institution organized solely forthe purpose of facilitating the acquisition of a savings institution that hasbeen in existence and continuously operating as a savings institution formore than two years; and
4. The Commission makes the acquisition subject to any conditions,restrictions, requirements or other limitations that would apply to theacquisition by a Virginia savings institution of a savings institution orsavings institution holding company in the state where the savingsinstitution making the acquisition has its principal place of business butthat would not apply to the acquisition of a savings institution or savingsinstitution holding company in such state by a savings institution located inthat state.
B. An out-of-state savings institution, insured by the Federal DepositInsurance Corporation or other federal insurance agency, that has previouslyacquired a Virginia savings institution or Virginia savings institutionholding company may acquire any additional Virginia savings institution orVirginia savings institution holding company with the approval of theCommission. Such savings institution shall submit to the Commission anapplication for approval of such acquisition, which application may beapproved in the event:
1. The Commission determines that the Virginia savings institution sought tobe acquired has been in existence and continuously operating for more thantwo years. The Commission may approve the acquisition by a savingsinstitution of all or substantially all of the shares of a savingsinstitution organized solely for the purpose of facilitating the acquisitionof a savings institution that has been in existence and continuouslyoperating as a savings institution for more than two years; and
2. The Commission makes the acquisition subject to any conditions,restrictions, requirements or other limitations that would apply to theacquisition by a Virginia savings institution of a savings institution or asavings institution holding company in the state where the savingsinstitution making the acquisition has its principal place of business butthat would not apply to the acquisition of a savings institution or a savingsinstitution holding company in such state by a savings institution located inthat state.
(1985, c. 425; 1986, c. 500; 1990, c. 3; 1994, c. 353.)
