Code of Virginia - Title 6.1 Banking And Finance - Section 6.1-393 Application for approval; filing fee; factors to be considered by Commission

§ 6.1-393. Application for approval; filing fee; factors to be considered by Commission

A. Any out-of-state bank holding company or subsidiary thereof proposing an acquisition pursuant to § 6.1-392 shall file an application with the Commission for approval to make the acquisition. The application shall contain any information required by Commission regulation, and shall specifically acknowledge an applicant's agreement to be bound by the conditions set forth in § 6.1-392. In addition, the application shall designate a resident of this Commonwealth as the applicant's registered agent in connection with matters arising out of this chapter and shall be accompanied by a filing fee of $10,000.

B. In determining whether to approve an acquisition by an out-of-state bank holding company or any subsidiary thereof of any voting stock of a bank located in this Commonwealth, the Commission shall consider:

1. The financial and managerial resources of the out-of-state bank holding company or its subsidiary;

2. The future prospects of the out-of-state bank holding company or its subsidiary and the bank whose assets or shares it will acquire;

3. The financial history of the out-of-state bank holding company or its subsidiary;

4. Whether the acquisition or holding may result in undue concentration of resources or substantial lessening of competition in this Commonwealth; and

5. The convenience and needs of the public of this Commonwealth.

(1983, c. 193; 1988, c. 115; 1992, c. 283.)

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Last modified: April 16, 2009