6.2-704 - (Effective October 1, 2010) Acquisition of interests in financial institutions and financial institution holding companies; application; notice; Commission approval required.

§ 6.2-704. (Effective October 1, 2010) Acquisition of interests in financialinstitutions and financial institution holding companies; application;notice; Commission approval required.

A. Except as provided in this chapter, no person shall acquire or make anypublic offer to acquire, directly or indirectly, control of a Virginiafinancial institution or a Virginia financial institution holding company,and no Virginia financial institution holding company shall acquire more thanfive percent of the voting shares of any Virginia financial institution or ofany other Virginia financial institution holding company, unless it firstshall:

1. File with the Commission an application in such form as the Commission mayprescribe from time to time;

2. Deliver to the Commission such other information as the Commission mayrequire with such certification of financial information and suchverification by oath or affirmation of other data as the Commission may deemappropriate;

3. Pay such application fee as the Commission may prescribe from time totime; and

4. Except in the case of an entity that is a domestic corporation or aforeign corporation qualified to do business in the Commonwealth, deliver tothe Commission a written consent to service of process in any action or suitarising out of or in connection with said proposed acquisition throughservice of process on the Secretary of the Commonwealth.

B. Upon receipt of an application, the Commission shall notify the affectedVirginia financial institution or Virginia financial institution holdingcompany, and shall solicit the views of the affected Virginia financialinstitution or Virginia financial institution holding company. Theapplication and all other information required by the Commission under thissection, except such additional information as the Commission determinesshould be kept confidential, shall be held as part of the public records andmade available to the public.

C. An out-of-state bank holding company may acquire a Virginia bank holdingcompany or a Virginia bank if: (i) the out-of-state bank holding companycomplies with the application requirements of subsection A and (ii) theCommission does not disapprove the application, after the investigationprescribed by § 6.2-705.

(1983, c. 194, § 6.1-383.1; 1985, c. 544, § 6.1-399; 1985, c. 544; 1985, cc.544, 604; 1991, c. 282; 1993, c. 58; 1994, c. 351; 1996, c. 16; 1998, c. 231;2010, c. 794.)