CODE OF VIRGINIA

MERGER OR CONSOLIDATION OF SAVINGS INSTITUTIONS (§ 6.2-1145)

A. Two or more mutual savings institutions or two or more stock institutions may
merge, subject to the approval of the Commission, when the Commission finds that
the merger will be in the public interest and in accordance with applicable laws
and regulations.

B. Two or more state savings banks may consolidate or merge, subject to the
approval of the Commission, when the Commission finds that the capital of the
resulting institution will be sufficient to warrant successful operation, and
that the merger or consolidation will be in the public interest and in
accordance with applicable laws and regulations.

C. The order approving the merger shall specify which office is to be the main
office and which office or offices may be operated as branch offices.

HISTORY: Code 1950, § 6-201.42; 1960, c. 402; 1966, c. 584, § 6.1-172; 1972,
c. 796, § 6.1-195.51; 1982, c. 211; 1985, c. 425, § 6.1-194.39; 1988, c. 3;
1991, c. 230, § 6.1-194.130; 2010, c. 794.