§ 6.1-392. Acquisition of interests in bank located in Commonwealth by out-of-state bank holding company or su...
An out-of-state bank holding company or any subsidiary thereof may acquire and hold all or substantially all of the voting shares of a single bank located in this Commonwealth when and for so long as the following conditions are satisfied:
1. The bank whose stock is to be acquired is a newly established bank that has or will have, when chartered and thereafter, no more than a single office located in this Commonwealth open to the public for the conduct of banking business; and such bank shall be created for the primary purpose of engaging in a significant multi-state credit card operation;
2. The bank whose stock is to be acquired has or will have on the date of commencement of business in this Commonwealth a minimum capital stock and paid-in-surplus of five million dollars and thereafter will maintain capital stock and surplus of five million dollars or an amount equal to six and one-half percent of its total assets, whichever is greater, so long as it continues to do business in this Commonwealth;
3. The bank whose stock is to be acquired employs on the date of commencement of its banking business in this Commonwealth or will employ within one year of such date not less than forty persons in this Commonwealth in its business; provided, that there shall be counted in the number of persons to be so employed, new employees in this Commonwealth of all subsidiaries of the out-of-state bank holding company. For the purposes of this subsection, "new employees" shall be defined as including only those employees of the subsidiaries of the out-of-state bank holding company who were first employed by such subsidiaries within Virginia no more than nine months before the Commission approved the acquisition pursuant to subdivision 5 of this section;
4. The bank whose stock is to be acquired is operated in a manner and at a location that is not likely to attract customers from the general public in this Commonwealth to the substantial detriment of existing banking institutions located in this Commonwealth; however, such bank may be operated in a manner likely to attract and retain customers with whom that bank, the out-of-state holding company, or such holding company's bank or nonbanking subsidiaries have or have had business relations; and
5. Such acquisition has received the prior approval of the Commission.
(1983, c. 193; 1985, cc. 509, 544.)
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