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Code of Virginia (Last Updated:July 28, 2020) |
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TITLE 6.2. Financial Institutions and Services |
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SUBTITLE II. Depository Institutions and Trust Organizations |
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CHAPTER 8. Banks |
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ARTICLE 6. Interstate Branching |
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SECTION 6.2-836. Definitions |
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As used in this article, unless a different meaning is required: "Acquisition of a branch" means the acquisition of a branch located in a host state, without acquiring the bank of such branch. "Affiliate" has the meaning assigned to it in 12 U.S.C. § 1841 (k) of the Bank Holding Company Act of 1956 (12 U.S.C. § 1841 et seq.), as amended. "Bank" has the meaning assigned to it in 12 U.S.C. § 1813 (a) (1) of the Federal Deposit Insurance Company Act of 1956 (12 U.S.C. § 1811 et seq.), as amended. "Bank holding company" has the meaning assigned to it in 12 U.S.C. § 1841 (a) of the Bank Holding Company Act of 1956 (12 U.S.C. § 1841 et seq.), as amended. "Commercial activities" means activities in which a bank holding company, a financial holding company, a national bank, or a national bank financial subsidiary may not engage under federal law. "De novo branch" means a branch of a bank located in a host state which (i) is originally established by the bank as a branch and (ii) does not become a branch of the bank as a result of the acquisition of another bank or a branch of another bank, or the merger, consolidation, or conversion of any such bank or branch. "Financial holding company" has the meaning assigned to it in 12 U.S.C. § 1841 (p) of the Bank Holding Company Act of 1956 (12 U.S.C. § 1841 et seq.), as amended. "Home state" means: 1. With respect to a national bank, the state in which the main office of the bank is located; 2. With respect to a state bank, the state by which the bank is chartered; 3. With respect to a foreign bank, the state determined to be the home state of such foreign bank under 12 U.S.C. § 3103 (c). "Host state" means a state, other than the home state of a bank, in which the bank maintains, or seeks to establish and maintain, a branch. "Out-of-state bank" means a bank whose home state is a state other than the Commonwealth. "Out-of-state state bank" means a bank chartered under the laws of any state other than the Commonwealth. "Virginia state bank" means a bank chartered under the laws of Virginia. |