CODE OF VIRGINIA

INTERSTATE BRANCHING BY VIRGINIA STATE BANKS (§ 6.2-837)

A. With the prior approval of the Commission, any Virginia state bank may
establish and maintain a de novo branch or acquire a branch in a state other
than the Commonwealth.

B. A Virginia state bank desiring to establish and maintain a branch in another
state under this section shall file an application on a form prescribed by the
Commission and pay the branch application fee set forth in § 6.2-908. If the
Commission finds that the applicant has the financial resources sufficient to
undertake the proposed expansion without adversely affecting its soundness and
that the laws of the host state permit the establishment of the branch, it may
approve the application. The bank may establish the branch when it has received
the written approval of the Commission.

HISTORY: 1995, c. 301, § 6.1-44.3; 2010, c. 794; 2014, c. 200.