6.1-194.40 - (Repealed effective October 1, 2010) State association or association holding company acquiring bank; association acquired by bank or bank holding company; merger or consolidation of asso
§ 6.1-194.40. (Repealed effective October 1, 2010) State association orassociation holding company acquiring bank; association acquired by bank orbank holding company; merger or consolidation of association and bank.
A. Notwithstanding the provisions of § 6.1-58.1 or § 6.1-60.1, and subject tothe prior approval of the Commission, the following acquisitions, mergers, orconsolidations may occur:
1. A state association or a federal savings institution may become asubsidiary of (i) a state bank or a national bank whose main office islocated within this Commonwealth or (ii) a bank holding company whose bankingsubsidiaries principally conduct their operations within this Commonwealth;
2. A state bank may become a subsidiary of (i) a state association or afederal savings institution whose main office is located within thisCommonwealth or (ii) a savings and loan holding company whose principal placeof business is located within this Commonwealth; and
3. A state association or a federal savings institution may merge into orconsolidate with a state bank or a national bank whose main office is locatedwithin this Commonwealth or a state bank or a national bank may merge into orconsolidate with a state association or a federal savings institution whosemain office is located within this Commonwealth. If the resulting entity isto do business as a bank, the Commission shall not approve the merger orconsolidation unless the applicant meets the standards established by §6.1-13. If the resulting entity is to do business as an association, theCommission shall not approve the merger or consolidation unless the applicantmeets the standards established by § 6.1-194.12. In either case, the ordergranting a certificate of authority to do business shall designate the mainoffice of the resulting entity. The resulting entity shall be permitted tooperate all branch offices of the merging or consolidating entities thatcould have been established de novo by the resulting entity or which were inoperation at least five years prior to the date of the order permittingmerger or consolidation. Within one year of such merger or consolidation, theresulting entity shall conform its assets and operations to the provisions oflaw regulating the operation of savings institutions if the resulting entityis operated as a savings institution or to the provisions of law regulatingthe operation of banks if the resulting entity is operated as a bank. TheCommission may grant the resulting entity additional one-year periods, not toexceed a total of four additional years, in which to conform its assets andoperations as provided herein.
B. As used in this section, the term "state bank" shall mean a bankincorporated under the laws of the Commonwealth which has its main office inthe Commonwealth.
(Code 1950, § 6.1-195.57:1; 1982, c. 224; 1985, c. 425; 1991, c. 228.)