6.1-39.3 - (Repealed effective October 1, 2010) When and where branch banks may be established; redesignation of main office.
§ 6.1-39.3. (Repealed effective October 1, 2010) When and where branch banksmay be established; redesignation of main office.
A. A bank may establish and operate one or more branch offices, and a bankmay relocate a main or branch office, provided the bank applies to theCommission for authority to establish or relocate any such office.Applications shall be made in writing on a form prescribed by the Commissionand shall be accompanied by a fee not to exceed the amounts set by § 6.1-94.
The Commission shall have thirty days from the date it receives a completeapplication in which to review a branch proposal or a proposed relocation;the review period may be extended for an additional thirty days. TheCommission may deny such an application, if the Commission finds that aproposal would have a detrimental effect on the applicant bank's safety andsoundness, or that it is otherwise not in the public interest. A branchoffice that has been denied shall not be established; a relocation that hasbeen denied shall not be carried out. If the Commission does not issue adenial of a branch proposal or a proposed relocation in thirty days, or sixtydays in the case of an extended review period, the proposed branch office oroffices, or the proposed relocation, shall be authorized, and the branch orbranches may be established and operated, or the relocation may be completed.
B. The office at which a bank begins business shall be designated initiallyas its main office. Thereafter, the board of directors may redesignate as themain office any authorized office of the bank in Virginia. The bank shallnotify the Commission of any such redesignation not later than thirty daysbefore its effective day and confirm the redesignation to the Commissionwithin ten days of its occurrence.
C. A bank shall be subject to the prohibition in § 6.1-44.8 againstestablishing or maintaining a branch in Virginia on the premises or propertyof an affiliate if the affiliate engages in commercial activities.
(1986, c. 505; 1987, c. 352; 1991, c. 322; 1996, c. 26; 1999, c. 545; 2007,c. 1.)