§ 6.1-39.3. When and where branch banks may be established; redesignation of main office
A. A bank may establish and operate one or more branch offices, and a bank may relocate a main or branch office, provided the bank applies to the Commission for authority to establish or relocate any such office. Applications shall be made in writing on a form prescribed by the Commission and shall be accompanied by a fee not to exceed the amounts set by § 6.1-94.
The Commission shall have thirty days from the date it receives a complete application in which to review a branch proposal or a proposed relocation; the review period may be extended for an additional thirty days. The Commission may deny such an application, if the Commission finds that a proposal would have a detrimental effect on the applicant bank's safety and soundness, or that it is otherwise not in the public interest. A branch office that has been denied shall not be established; a relocation that has been denied shall not be carried out. If the Commission does not issue a denial of a branch proposal or a proposed relocation in thirty days, or sixty days in the case of an extended review period, the proposed branch office or offices, or the proposed relocation, shall be authorized, and the branch or branches may be established and operated, or the relocation may be completed.
B. The office at which a bank begins business shall be designated initially as its main office. Thereafter, the board of directors may redesignate as the main office any authorized office of the bank in Virginia. The bank shall notify the Commission of any such redesignation not later than thirty days before its effective day and confirm the redesignation to the Commission within ten days of its occurrence.
C. A bank shall be subject to the prohibition in § 6.1-44.8 against establishing or maintaining a branch in Virginia on the premises or property of an affiliate if the affiliate engages in commercial activities.
(1986, c. 505; 1987, c. 352; 1991, c. 322; 1996, c. 26; 1999, c. 545; 2007, c. 1.)
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