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2014 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 6.2-837 of the Code of Virginia is amended and reenacted as follows:
§ 6.2-837. Interstate branching by Virginia state banks.
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. In acting on the application, the
Commission shall consider the views of the state bank supervisor of the host
state where the branch is proposed to be located. The bank may establish
the branch when it has received the written approval of the Commission.
2. That §§ 6.2-841 and 6.2-848 of the Code of Virginia are repealed.