§ 6.2-1146. (Effective October 1, 2010) State association or associationholding company acquiring bank; association acquired by bank or bank holdingcompany; merger or consolidation of association and bank.
A. Notwithstanding the provisions of § 6.2-874, 6.2-885, or 6.2-886, andsubject to the prior approval of the Commission:
1. A state association or a federal savings institution may become asubsidiary of (i) a state bank or a national bank whose main office islocated within the Commonwealth or (ii) a bank holding company whose bankingsubsidiaries principally conduct their operations within the Commonwealth;
2. A state bank may become a subsidiary of (i) a state association or afederal savings institution whose main office is located within theCommonwealth or (ii) a savings and loan holding company whose principal placeof business is located within the Commonwealth;
3. A state association or a federal savings institution may merge into orconsolidate with a state bank or a national bank whose main office is locatedwithin the Commonwealth or a state bank or a national bank may merge into orconsolidate with a state association or a federal savings institution whosemain office is located within the Commonwealth;
4. A state savings bank may become a subsidiary of (i) a state association,state bank, federal savings institution or national bank the main office ofwhich is located within the Commonwealth or (ii) a financial institutionholding company whose subsidiaries principally conduct their operationswithin the Commonwealth;
5. A state bank or state association may become a subsidiary of a statesavings bank;
6. 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 the Commonwealth; and
7. A state association, state bank or federal financial institution may mergeinto or consolidate with a state savings bank.
B. If the resulting entity is to do business as a bank, the Commission shallnot approve the merger or consolidation unless the applicant meets thestandards established by § 6.2-816. If the resulting entity is to do businessas a savings institution, the Commission shall not approve the merger orconsolidation unless the applicant meets the standards established by §6.2-1118. In either case, the order granting a certificate of authority to dobusiness shall designate the main office of the resulting entity.
C. The resulting entity shall be permitted to operate all branch offices ofthe merging or consolidating entities that could have been established denovo by the resulting entity or that were in operation at least five yearsprior to the date of the order permitting merger or consolidation. Within oneyear of such merger or consolidation, the resulting entity shall conform itsassets and operations to the provisions of law regulating the operation ofsavings institutions if the resulting entity is operated as a savingsinstitution or to the provisions of law regulating the operation of banks ifthe resulting entity is operated as a bank. The Commission may grant theresulting entity additional one-year periods, not to exceed a total of fouradditional years, in which to conform its assets and operations as providedherein.
(1972, c. 796, § 6.1-195.57:1; 1982, c. 224; 1985, c. 425, § 6.1-194.40;1991, cc. 228, 230, § 6.1-194.131; 1996, c. 26; 2010, c. 794.)
§ 6.2-1146. (Effective October 1, 2010) State association or associationholding company acquiring bank; association acquired by bank or bank holdingcompany; merger or consolidation of association and bank.
A. Notwithstanding the provisions of § 6.2-874, 6.2-885, or 6.2-886, andsubject to the prior approval of the Commission:
1. A state association or a federal savings institution may become asubsidiary of (i) a state bank or a national bank whose main office islocated within the Commonwealth or (ii) a bank holding company whose bankingsubsidiaries principally conduct their operations within the Commonwealth;
2. A state bank may become a subsidiary of (i) a state association or afederal savings institution whose main office is located within theCommonwealth or (ii) a savings and loan holding company whose principal placeof business is located within the Commonwealth;
3. A state association or a federal savings institution may merge into orconsolidate with a state bank or a national bank whose main office is locatedwithin the Commonwealth or a state bank or a national bank may merge into orconsolidate with a state association or a federal savings institution whosemain office is located within the Commonwealth;
4. A state savings bank may become a subsidiary of (i) a state association,state bank, federal savings institution or national bank the main office ofwhich is located within the Commonwealth or (ii) a financial institutionholding company whose subsidiaries principally conduct their operationswithin the Commonwealth;
5. A state bank or state association may become a subsidiary of a statesavings bank;
6. 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 the Commonwealth; and
7. A state association, state bank or federal financial institution may mergeinto or consolidate with a state savings bank.
B. If the resulting entity is to do business as a bank, the Commission shallnot approve the merger or consolidation unless the applicant meets thestandards established by § 6.2-816. If the resulting entity is to do businessas a savings institution, the Commission shall not approve the merger orconsolidation unless the applicant meets the standards established by §6.2-1118. In either case, the order granting a certificate of authority to dobusiness shall designate the main office of the resulting entity.
C. The resulting entity shall be permitted to operate all branch offices ofthe merging or consolidating entities that could have been established denovo by the resulting entity or that were in operation at least five yearsprior to the date of the order permitting merger or consolidation. Within oneyear of such merger or consolidation, the resulting entity shall conform itsassets and operations to the provisions of law regulating the operation ofsavings institutions if the resulting entity is operated as a savingsinstitution or to the provisions of law regulating the operation of banks ifthe resulting entity is operated as a bank. The Commission may grant theresulting entity additional one-year periods, not to exceed a total of fouradditional years, in which to conform its assets and operations as providedherein.
(1972, c. 796, § 6.1-195.57:1; 1982, c. 224; 1985, c. 425, § 6.1-194.40;1991, cc. 228, 230, § 6.1-194.131; 1996, c. 26; 2010, c. 794.)
§ 6.2-1146. (Effective October 1, 2010) State association or associationholding company acquiring bank; association acquired by bank or bank holdingcompany; merger or consolidation of association and bank.
A. Notwithstanding the provisions of § 6.2-874, 6.2-885, or 6.2-886, andsubject to the prior approval of the Commission:
1. A state association or a federal savings institution may become asubsidiary of (i) a state bank or a national bank whose main office islocated within the Commonwealth or (ii) a bank holding company whose bankingsubsidiaries principally conduct their operations within the Commonwealth;
2. A state bank may become a subsidiary of (i) a state association or afederal savings institution whose main office is located within theCommonwealth or (ii) a savings and loan holding company whose principal placeof business is located within the Commonwealth;
3. A state association or a federal savings institution may merge into orconsolidate with a state bank or a national bank whose main office is locatedwithin the Commonwealth or a state bank or a national bank may merge into orconsolidate with a state association or a federal savings institution whosemain office is located within the Commonwealth;
4. A state savings bank may become a subsidiary of (i) a state association,state bank, federal savings institution or national bank the main office ofwhich is located within the Commonwealth or (ii) a financial institutionholding company whose subsidiaries principally conduct their operationswithin the Commonwealth;
5. A state bank or state association may become a subsidiary of a statesavings bank;
6. 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 the Commonwealth; and
7. A state association, state bank or federal financial institution may mergeinto or consolidate with a state savings bank.
B. If the resulting entity is to do business as a bank, the Commission shallnot approve the merger or consolidation unless the applicant meets thestandards established by § 6.2-816. If the resulting entity is to do businessas a savings institution, the Commission shall not approve the merger orconsolidation unless the applicant meets the standards established by §6.2-1118. In either case, the order granting a certificate of authority to dobusiness shall designate the main office of the resulting entity.
C. The resulting entity shall be permitted to operate all branch offices ofthe merging or consolidating entities that could have been established denovo by the resulting entity or that were in operation at least five yearsprior to the date of the order permitting merger or consolidation. Within oneyear of such merger or consolidation, the resulting entity shall conform itsassets and operations to the provisions of law regulating the operation ofsavings institutions if the resulting entity is operated as a savingsinstitution or to the provisions of law regulating the operation of banks ifthe resulting entity is operated as a bank. The Commission may grant theresulting entity additional one-year periods, not to exceed a total of fouradditional years, in which to conform its assets and operations as providedherein.
(1972, c. 796, § 6.1-195.57:1; 1982, c. 224; 1985, c. 425, § 6.1-194.40;1991, cc. 228, 230, § 6.1-194.131; 1996, c. 26; 2010, c. 794.)
