2006 Code of Virginia § 6.1-44.17 - Authority to branch outside Virginia by merger

6.1-44.17. Authority to branch outside Virginia by merger.

With the prior approval of the Commission, any Virginia state bank maymaintain and operate one or more branches in a state other than Virginiapursuant to an interstate merger transaction in which the Virginia state bankis the resulting bank. The Virginia state bank shall file an application on aform prescribed by the Commission, pay the merger fee prescribed by 6.1-94,and comply with the applicable provisions of Article 12 ( 13.1-715.1 etseq.) of the Virginia Stock Corporation Act. If the Commission finds that (i)the proposed transaction will not be detrimental to the safety and soundnessof the applicant, (ii) any new officers and directors of the resulting bankare qualified by character, experience, and financial responsibility todirect and manage the resulting bank, and (iii) the proposed merger is in thepublic interest, it may approve the interstate merger transaction and theoperation of branches outside Virginia by the Virginia state bank. Such aninterstate merger transaction may be consummated only after the applicant hasreceived the Commission's written approval.

(1995, c. 301; 2005, c. 765.)