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1994 SESSION

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HB 1040 Banking and finance; interstate banking.

Introduced by: W. W. Bennett, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Banking and finance; interstate banking. Authorizes nationwide interstate banking. This legislation would remove Virginia's regional limitation on interstate banking and allow Virginia bank holding companies to acquire banking institutions located in any state with reciprocal national banking laws. Likewise, an out-of-state bank holding company would be permitted to acquire a Virginia banking institution if the laws of its home state allow acquisitions by Virginia bank holding companies under the same conditions. Current law permits acquisitions by Virginia bank holding companies in thirteen states in the southeast region and the District of Columbia. Virginia's interstate banking law would retain all current regulatory requirements.


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