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Administrative Code

Virginia Administrative Code
12/28/2024

Chapter 140. Financial Service Center Banks

10VAC5-140-10. Application.

The applicant shall file its application to acquire a financial service center bank, pursuant to § 6.1-393 of the Code of Virginia, with the Bureau of Financial Institutions using the form prescribed by the Bureau. Upon receiving the completed application form and the $6,500 fee prescribed by law, and after ascertaining that an application to establish a state or national bank in Virginia has been duly filed and all necessary fees in connection therewith paid, the Bureau shall proceed to investigate the application (or, applications, if a state bank charter has been sought). The applicant shall furnish such additional information as the Bureau may reasonably require in furtherance of its investigation.

When it has accepted an application, the Bureau shall publish notice of the application in its "Weekly Information Bulletin." Every written objection to the application shall be filed in the Commission's Document Control Center. Should any party in interest submit a written request for a hearing on the application, an appropriate proceeding under the Rules of Practice and Procedure of the State Corporation Commission (5VAC5-20) will be established. If no request for a hearing is made within 20 days from the publication of notice of the application, the Bureau shall submit to the Commission its findings and recommendations upon completion of its investigation.

The Commission will consider in connection with the application for acquisition the criteria set forth in § 6.1-393 B of the Code of Virginia, viz: (i) the financial and managerial resources of the applicant; (ii) its future prospects and those of the bank whose assets or shares it will acquire; (iii) the financial history of the applicant; (iv) whether such acquisition or holding may result in undue concentration of resources or substantial lessening of competition in this Commonwealth; and (v) the convenience and needs of the public of this Commonwealth. The Commission will grant or deny the application on the basis of the record in the matter, stating its reason or reasons for denial of any such application.

Statutory Authority

§§ 6.1-393 and 6.1-395 of the Code of Virginia.

Historical Notes

Derived from VR225-01-1401 §I, eff. July 1, 1983; amended July 1, 1988.

10VAC5-140-20. Reporting.

Every out-of-state bank holding company which directly or indirectly through any subsidiary acquires voting stock of a bank pursuant to Chapter 14 (§ 6.1-390 et seq.) of Title 6.1 of the Code of Virginia, shall file with the Commissioner of Financial Institutions copies of all regular and periodic reports which such bank holding company is required to file under Section 13 or Section 15(d) of the Securities Exchange Act (15 USC § 78a et seq.), excluding any portion of such reports which is not available to the public.

Statutory Authority

§§ 6.1-393 and 6.1-395 of the Code of Virginia.

Historical Notes

Derived from VR225-01-1401 §II, eff. July 1, 1983; amended July 1, 1988.

10VAC5-140-30. Compliance with statutory conditions.

Whenever the Bureau has reason to believe that any financial service center bank or any holding company controlling such a bank is failing to comply with any condition prescribed by law for the operation of such banks, it shall seek a rule to show cause why the sanctions set forth in § 6.1-396 of the Code of Virginia ought not to be imposed. All such proceedings shall be governed by the appropriate provisions of the State Corporation Commission's Rules of Practice and Procedure (5VAC5-20).

Statutory Authority

§§ 6.1-393 and 6.1-395 of the Code of Virginia.

Historical Notes

Derived from VR225-01-1401 §III, eff. July 1, 1983; amended July 1, 1988.

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