§ 6.2-1158. (Effective October 1, 2010) Acquisitions by out-of-state savingsinstitution.
A. Any out-of-state savings institution that is insured by the FederalDeposit Insurance Corporation or other federal insurance agency, may acquirea Virginia 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 if the Commission:
1. Determines that the laws of the state in which the savings institutionmaking the acquisition has its principal place of business do not prohibit orunfairly impede a Virginia savings institution meeting the criteria in thisarticle from acquiring savings institutions or savings institution holdingcompanies in that state;
2. Determines that the laws of the state in which the savings institutionmaking the acquisition has its principal place of business permit suchsavings institution to be acquired by the Virginia savings institutionholding company or Virginia savings institution sought to be acquired;
3. Determines that the Virginia savings institution sought to be acquired hasbeen in existence and continuously operating for more than two years or thatall of the Virginia savings institution subsidiaries of the Virginia savingsinstitution holding company sought to be acquired have been in existence andcontinuously operating for more than two years. The Commission may approvethe acquisition by a savings institution of all or substantially all of theshares of a savings institution organized solely for the purpose offacilitating the acquisition of a savings institution that has been inexistence and continuously operating as a savings institution for more thantwo years; and
4. Makes the acquisition subject to any conditions, restrictions,requirements or other limitations that would apply to the acquisition by aVirginia savings institution of a savings institution or savings institutionholding company in the state where the savings institution making theacquisition has its principal place of business but that would not apply tothe acquisition of a savings institution or savings institution holdingcompany in such state by a savings institution located in that state.
B. An out-of-state savings institution that is insured by the Federal DepositInsurance Corporation or other federal insurance agency and that haspreviously acquired a Virginia savings institution or Virginia savingsinstitution holding company may acquire any additional Virginia savingsinstitution or Virginia savings institution holding company with the approvalof the Commission. Such savings institution shall submit to the Commission anapplication for approval of such acquisition, which application may beapproved if the Commission:
1. Determines that the Virginia savings institution sought to be acquired hasbeen in 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
2. Makes the acquisition subject to any conditions, restrictions,requirements or other limitations that would apply to the acquisition by aVirginia savings institution of a savings institution or a savingsinstitution holding company in the state where the savings institution makingthe acquisition has its principal place of business but that would not applyto the acquisition of a savings institution or a savings institution holdingcompany in such state by a savings institution located in that state.
(1985, c. 425, § 6.1-194.98; 1986, c. 500; 1990, c. 3; 1994, c. 353; 2010, c.794.)
§ 6.2-1158. (Effective October 1, 2010) Acquisitions by out-of-state savingsinstitution.
A. Any out-of-state savings institution that is insured by the FederalDeposit Insurance Corporation or other federal insurance agency, may acquirea Virginia 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 if the Commission:
1. Determines that the laws of the state in which the savings institutionmaking the acquisition has its principal place of business do not prohibit orunfairly impede a Virginia savings institution meeting the criteria in thisarticle from acquiring savings institutions or savings institution holdingcompanies in that state;
2. Determines that the laws of the state in which the savings institutionmaking the acquisition has its principal place of business permit suchsavings institution to be acquired by the Virginia savings institutionholding company or Virginia savings institution sought to be acquired;
3. Determines that the Virginia savings institution sought to be acquired hasbeen in existence and continuously operating for more than two years or thatall of the Virginia savings institution subsidiaries of the Virginia savingsinstitution holding company sought to be acquired have been in existence andcontinuously operating for more than two years. The Commission may approvethe acquisition by a savings institution of all or substantially all of theshares of a savings institution organized solely for the purpose offacilitating the acquisition of a savings institution that has been inexistence and continuously operating as a savings institution for more thantwo years; and
4. Makes the acquisition subject to any conditions, restrictions,requirements or other limitations that would apply to the acquisition by aVirginia savings institution of a savings institution or savings institutionholding company in the state where the savings institution making theacquisition has its principal place of business but that would not apply tothe acquisition of a savings institution or savings institution holdingcompany in such state by a savings institution located in that state.
B. An out-of-state savings institution that is insured by the Federal DepositInsurance Corporation or other federal insurance agency and that haspreviously acquired a Virginia savings institution or Virginia savingsinstitution holding company may acquire any additional Virginia savingsinstitution or Virginia savings institution holding company with the approvalof the Commission. Such savings institution shall submit to the Commission anapplication for approval of such acquisition, which application may beapproved if the Commission:
1. Determines that the Virginia savings institution sought to be acquired hasbeen in 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
2. Makes the acquisition subject to any conditions, restrictions,requirements or other limitations that would apply to the acquisition by aVirginia savings institution of a savings institution or a savingsinstitution holding company in the state where the savings institution makingthe acquisition has its principal place of business but that would not applyto the acquisition of a savings institution or a savings institution holdingcompany in such state by a savings institution located in that state.
(1985, c. 425, § 6.1-194.98; 1986, c. 500; 1990, c. 3; 1994, c. 353; 2010, c.794.)
§ 6.2-1158. (Effective October 1, 2010) Acquisitions by out-of-state savingsinstitution.
A. Any out-of-state savings institution that is insured by the FederalDeposit Insurance Corporation or other federal insurance agency, may acquirea Virginia 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 if the Commission:
1. Determines that the laws of the state in which the savings institutionmaking the acquisition has its principal place of business do not prohibit orunfairly impede a Virginia savings institution meeting the criteria in thisarticle from acquiring savings institutions or savings institution holdingcompanies in that state;
2. Determines that the laws of the state in which the savings institutionmaking the acquisition has its principal place of business permit suchsavings institution to be acquired by the Virginia savings institutionholding company or Virginia savings institution sought to be acquired;
3. Determines that the Virginia savings institution sought to be acquired hasbeen in existence and continuously operating for more than two years or thatall of the Virginia savings institution subsidiaries of the Virginia savingsinstitution holding company sought to be acquired have been in existence andcontinuously operating for more than two years. The Commission may approvethe acquisition by a savings institution of all or substantially all of theshares of a savings institution organized solely for the purpose offacilitating the acquisition of a savings institution that has been inexistence and continuously operating as a savings institution for more thantwo years; and
4. Makes the acquisition subject to any conditions, restrictions,requirements or other limitations that would apply to the acquisition by aVirginia savings institution of a savings institution or savings institutionholding company in the state where the savings institution making theacquisition has its principal place of business but that would not apply tothe acquisition of a savings institution or savings institution holdingcompany in such state by a savings institution located in that state.
B. An out-of-state savings institution that is insured by the Federal DepositInsurance Corporation or other federal insurance agency and that haspreviously acquired a Virginia savings institution or Virginia savingsinstitution holding company may acquire any additional Virginia savingsinstitution or Virginia savings institution holding company with the approvalof the Commission. Such savings institution shall submit to the Commission anapplication for approval of such acquisition, which application may beapproved if the Commission:
1. Determines that the Virginia savings institution sought to be acquired hasbeen in 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
2. Makes the acquisition subject to any conditions, restrictions,requirements or other limitations that would apply to the acquisition by aVirginia savings institution of a savings institution or a savingsinstitution holding company in the state where the savings institution makingthe acquisition has its principal place of business but that would not applyto the acquisition of a savings institution or a savings institution holdingcompany in such state by a savings institution located in that state.
(1985, c. 425, § 6.1-194.98; 1986, c. 500; 1990, c. 3; 1994, c. 353; 2010, c.794.)
