{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1146.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1146.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1146.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1146.html"}],"law_id":65808,"edition_id":1,"section_id":65808,"structure_id":14228,"section_number":"6.2-1146","catch_line":"State association or association holding company acquiring bank; association acquired by bank or bank holding company; merger or consolidation of association and bank","history":"1982, c. 224, \u00a7 6.1-195.57:1; 1985, c. 425, \u00a7 6.1-194.40; 1991, cc. 228, 230, \u00a7 6.1-194.131; 1996, c. 26; 2010, c. 794.","full_text":"A\n\nNotwithstanding the provisions of \u00a7 6.2-874, 6.2-885, or 6.2-886, and subject to the prior approval of the Commission:1\n\nA state association or a federal savings institution may become a subsidiary of (i) a state bank or a national bank whose main office is located within the Commonwealth or (ii) a bank holding company whose banking subsidiaries principally conduct their operations within the Commonwealth;2\n\nA state bank may become a subsidiary of (i) a state association or a federal savings institution whose main office is located within the Commonwealth or (ii) a savings and loan holding company whose principal place of business is located within the Commonwealth;3\n\nA state association or a federal savings institution may merge into or consolidate with a state bank or a national bank whose main office is located within the Commonwealth or a state bank or a national bank may merge into or consolidate with a state association or a federal savings institution whose main office is located within the Commonwealth;4\n\nA state savings bank may become a subsidiary of (i) a state association, state bank, federal savings institution or national bank the main office of which is located within the Commonwealth or (ii) a financial institution holding company whose subsidiaries principally conduct their operations within the Commonwealth;5\n\nA state bank or state association may become a subsidiary of a state savings bank;6\n\nA state savings bank may merge into or consolidate with a state association, state bank, federal savings institution or national bank whose main office is located within the Commonwealth; and7\n\nA state association, state bank or federal financial institution may merge into or consolidate with a state savings bank.B\n\nIf the resulting entity is to do business as a bank, the Commission shall not approve the merger or consolidation unless the applicant meets the standards established by § 6.2-816. If the resulting entity is to do business as a savings institution, the Commission shall not approve the merger or consolidation unless the applicant meets the standards established by § 6.2-1118. In either case, the order granting a certificate of authority to do business shall designate the main office of the resulting entity.C\n\nThe resulting entity shall be permitted to operate all branch offices of the merging or consolidating entities that could have been established de novo by the resulting entity or that were in operation at least five years prior to the date of the order permitting merger or consolidation. Within one year of such merger or consolidation, the resulting entity shall conform its assets and operations to the provisions of law regulating the operation of savings institutions if the resulting entity is operated as a savings institution or to the provisions of law regulating the operation of banks if the resulting entity is operated as a bank. The Commission may grant the resulting entity additional one-year periods, not to exceed a total of four additional years, in which to conform its assets and operations as provided herein.","order_by":null,"text":{"0":{"id":239184,"text":"Notwithstanding the provisions of \u00a7 6.2-874, 6.2-885, or 6.2-886, and subject to the prior approval of the Commission:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":239185,"text":"A state association or a federal savings institution may become a subsidiary of (i) a state bank or a national bank whose main office is located within the Commonwealth or (ii) a bank holding company whose banking subsidiaries principally conduct their operations within the Commonwealth;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":239186,"text":"A state bank may become a subsidiary of (i) a state association or a federal savings institution whose main office is located within the Commonwealth or (ii) a savings and loan holding company whose principal place of business is located within the Commonwealth;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":239187,"text":"A state association or a federal savings institution may merge into or consolidate with a state bank or a national bank whose main office is located within the Commonwealth or a state bank or a national bank may merge into or consolidate with a state association or a federal savings institution whose main office is located within the Commonwealth;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":239188,"text":"A state savings bank may become a subsidiary of (i) a state association, state bank, federal savings institution or national bank the main office of which is located within the Commonwealth or (ii) a financial institution holding company whose subsidiaries principally conduct their operations within the Commonwealth;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":239189,"text":"A state bank or state association may become a subsidiary of a state savings bank;","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":239190,"text":"A state savings bank may merge into or consolidate with a state association, state bank, federal savings institution or national bank whose main office is located within the Commonwealth; and","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"A7"},"7":{"id":239191,"text":"A state association, state bank or federal financial institution may merge into or consolidate with a state savings bank.","type":"section","prefixes":["A","7"],"prefix":"7","entire_prefix":"A7","prefix_anchor":"A7","level":2,"prior_prefix":"A6","next_prefix":"B"},"8":{"id":239192,"text":"If the resulting entity is to do business as a bank, the Commission shall not approve the merger or consolidation unless the applicant meets the standards established by § 6.2-816. If the resulting entity is to do business as a savings institution, the Commission shall not approve the merger or consolidation unless the applicant meets the standards established by § 6.2-1118. In either case, the order granting a certificate of authority to do business shall designate the main office of the resulting entity.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A7","next_prefix":"C"},"9":{"id":239193,"text":"The resulting entity shall be permitted to operate all branch offices of the merging or consolidating entities that could have been established de novo by the resulting entity or that were in operation at least five years prior to the date of the order permitting merger or consolidation. Within one year of such merger or consolidation, the resulting entity shall conform its assets and operations to the provisions of law regulating the operation of savings institutions if the resulting entity is operated as a savings institution or to the provisions of law regulating the operation of banks if the resulting entity is operated as a bank. The Commission may grant the resulting entity additional one-year periods, not to exceed a total of four additional years, in which to conform its assets and operations as provided herein.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":14228,"edition_id":1,"name":"Conversions, Reorganizations, Mergers, and Acquisitions","identifier":"4","label":"article","depth":4,"order_by":1,"parent_id":13490,"metadata":{},"date_created":"2026-06-26 03:47:23","date_modified":"2026-06-26 03:47:23","permalink":{"id":264265,"object_type":"structure","relational_id":14228,"identifier":"4","token":"6.2\/II\/11\/4","url":"\/6.2\/II\/11\/4\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13490,"edition_id":1,"name":"Savings Institutions","identifier":"11","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:01","date_modified":"2026-06-26 03:45:01","permalink":{"id":264101,"object_type":"structure","relational_id":13490,"identifier":"11","token":"6.2\/II\/11","url":"\/6.2\/II\/11\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13000,"edition_id":1,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263685,"object_type":"structure","relational_id":13000,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":55893,"structure_id":14228,"section_number":"6.2-1139","catch_line":"Conversion from mutual savings institution to stock institution","url":"\/6.2-1139\/","token":"6.2\/II\/11\/4\/6.2-1139","metadata":false},{"id":77083,"structure_id":14228,"section_number":"6.2-1140","catch_line":"Reorganization of mutual association into mutual holding company; approval by Commissioner; powers; issuance of stock","url":"\/6.2-1140\/","token":"6.2\/II\/11\/4\/6.2-1140","metadata":false},{"id":68986,"structure_id":14228,"section_number":"6.2-1141","catch_line":"Conversion of state savings institution into federal financial institution","url":"\/6.2-1141\/","token":"6.2\/II\/11\/4\/6.2-1141","metadata":false},{"id":81364,"structure_id":14228,"section_number":"6.2-1142","catch_line":"Conversion of federal financial institution into state savings institution or state bank","url":"\/6.2-1142\/","token":"6.2\/II\/11\/4\/6.2-1142","metadata":false},{"id":61360,"structure_id":14228,"section_number":"6.2-1143","catch_line":"Conversion from state savings bank to state association; conversion from state association to state savings bank","url":"\/6.2-1143\/","token":"6.2\/II\/11\/4\/6.2-1143","metadata":false},{"id":66708,"structure_id":14228,"section_number":"6.2-1144","catch_line":"Conversion from stock savings institution to bank","url":"\/6.2-1144\/","token":"6.2\/II\/11\/4\/6.2-1144","metadata":false},{"id":75638,"structure_id":14228,"section_number":"6.2-1145","catch_line":"Merger or consolidation of savings institutions","url":"\/6.2-1145\/","token":"6.2\/II\/11\/4\/6.2-1145","metadata":false},{"id":65808,"structure_id":14228,"section_number":"6.2-1146","catch_line":"State association or association holding company acquiring bank; association acquired by bank or bank holding company; merger or consolidation of association and bank","url":"\/6.2-1146\/","token":"6.2\/II\/11\/4\/6.2-1146","metadata":false},{"id":55449,"structure_id":14228,"section_number":"6.2-1147","catch_line":"Acquisition of control of state stock institution requires Commission approval","url":"\/6.2-1147\/","token":"6.2\/II\/11\/4\/6.2-1147","metadata":false}],"previous_section":{"id":75638,"structure_id":14228,"section_number":"6.2-1145","catch_line":"Merger or consolidation of savings institutions","url":"\/6.2-1145\/","token":"6.2\/II\/11\/4\/6.2-1145","metadata":false},"next_section":{"id":55449,"structure_id":14228,"section_number":"6.2-1147","catch_line":"Acquisition of control of state stock institution requires Commission approval","url":"\/6.2-1147\/","token":"6.2\/II\/11\/4\/6.2-1147","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1146\/","history_text":"

This law was first created in 1982. The record of its establishment is cataloged in chapter 224 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1982 \u201cActs\u201d aren\u2019t available online. It has been modified 4 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1985, chapter 425; in 1991, chapters 228 and 230; in 1996, chapter 26<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":73648,"section_number":"13.1-716","catch_line":"Merger","order_by":null,"url":"\/13.1-716\/"}],"refers_to":[{"id":57320,"section_number":"6.2-1118","catch_line":"Certificate of authority to do business","order_by":null,"url":"\/6.2-1118\/"},{"id":72786,"section_number":"6.2-816","catch_line":"Banks to obtain certificate of authority","order_by":null,"url":"\/6.2-816\/"},{"id":82541,"section_number":"6.2-874","catch_line":"Prohibited uses of bank's own stock; other investments or loans","order_by":null,"url":"\/6.2-874\/"},{"id":64536,"section_number":"6.2-885","catch_line":"Investment in stock or securities of controlled subsidiary corporations","order_by":null,"url":"\/6.2-885\/"},{"id":74671,"section_number":"6.2-886","catch_line":"Regulation of controlled subsidiary corporations by Commission","order_by":null,"url":"\/6.2-886\/"}],"permalink":{"id":264295,"object_type":"law","relational_id":65808,"identifier":"6.2-1146","token":"6.2\/II\/11\/4\/6.2-1146","url":"\/6.2-1146\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1146\/","token":"6.2\/II\/11\/4\/6.2-1146","dublin_core":{"Title":"State association or association holding company acquiring bank; association acquired by bank or bank holding company; merger or consolidation of association and bank","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1146","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Notwithstanding the provisions of \u00a7 6.2-874<\/a>, 6.2-885<\/a>, or 6.2-886<\/a>, and subject to the prior approval of the Commission<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> A state association<\/span> or a federal savings institution<\/span> may become a subsidiary of (i) a state bank<\/span> or a national bank whose main office<\/span> is located within the Commonwealth or (ii) a bank holding company whose banking subsidiaries principally conduct their operations within the Commonwealth; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A state bank<\/span> may become a subsidiary of (i) a state association<\/span> or a federal savings institution<\/span> whose main office<\/span> is located within the Commonwealth or (ii) a savings and loan holding company whose principal place of business is located within the Commonwealth; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> A state association<\/span> or a federal savings institution<\/span> may merge into or consolidate with a state bank<\/span> or a national bank whose main office<\/span> is located within the Commonwealth or a state bank<\/span> or a national bank may merge into or consolidate with a state association<\/span> or a federal savings institution<\/span> whose main office<\/span> is located within the Commonwealth; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> A state savings bank<\/span> may become a subsidiary of (i) a state association<\/span>, state bank<\/span>, federal savings institution<\/span> or national bank the main office<\/span> of which is located within the Commonwealth or (ii) a financial institution<\/span> holding company whose subsidiaries principally conduct their operations within the Commonwealth; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> A state bank<\/span> or state association<\/span> may become a subsidiary of a state savings bank<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> A state savings bank<\/span> may merge into or consolidate with a state association<\/span>, state bank<\/span>, federal savings institution<\/span> or national bank whose main office<\/span> is located within the Commonwealth; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> A state association<\/span>, state bank<\/span> or federal financial institution<\/span> may merge into or consolidate with a state savings bank<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If the resulting entity<\/span> is to do business as a bank, the Commission<\/span> shall not approve the merger or consolidation<\/span> unless the applicant meets the standards established by § 6.2-816<\/a>. If the resulting entity<\/span> is to do business as a savings institution, the Commission<\/span> shall not approve the merger or consolidation<\/span> unless the applicant meets the standards established by § 6.2-1118<\/a>. In either case, the order<\/span> granting a certificate of authority to do business shall designate the main office<\/span> of the resulting entity<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The resulting entity<\/span> shall be permitted to operate all branch offices<\/span> of the merging or consolidating entities that could have been established de novo<\/span> by the resulting entity<\/span> or that were in operation at least five years prior to the date of the order<\/span> permitting merger or consolidation<\/span>. Within one year of such merger or consolidation<\/span>, the resulting entity<\/span> shall conform its assets<\/span> and operations to the provisions of law<\/span> regulating the operation of savings institutions<\/span> if the resulting entity<\/span> is operated as a savings institution or to the provisions of law<\/span> regulating the operation of banks if the resulting entity<\/span> is operated as a bank. The Commission<\/span> may grant the resulting entity<\/span> additional one-year periods, not to exceed a total of four additional years, in which to conform its assets<\/span> and operations as provided herein. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSTATE ASSOCIATION OR ASSOCIATION HOLDING COMPANY ACQUIRING BANK; ASSOCIATION\nACQUIRED BY BANK OR BANK HOLDING COMPANY; MERGER OR CONSOLIDATION OF ASSOCIATION\nAND BANK (\u00a7 6.2-1146)\n\nA. Notwithstanding the provisions of \u00a7 6.2-874, 6.2-885, or 6.2-886, and\nsubject to the prior approval of the Commission:\n\n 1. A state association or a federal savings institution may become a\n subsidiary of (i) a state bank or a national bank whose main office is located\n within the Commonwealth or (ii) a bank holding company whose banking\n subsidiaries principally conduct their operations within the Commonwealth;\n\n 2. A state bank may become a subsidiary of (i) a state association or a\n federal savings institution whose main office is located within the\n Commonwealth or (ii) a savings and loan holding company whose principal place\n of business is located within the Commonwealth;\n\n 3. A state association or a federal savings institution may merge into or\n consolidate with a state bank or a national bank whose main office is located\n within the Commonwealth or a state bank or a national bank may merge into or\n consolidate with a state association or a federal savings institution whose\n main office is located within the Commonwealth;\n\n 4. A state savings bank may become a subsidiary of (i) a state association,\n state bank, federal savings institution or national bank the main office of\n which is located within the Commonwealth or (ii) a financial institution\n holding company whose subsidiaries principally conduct their operations within\n the Commonwealth;\n\n 5. A state bank or state association may become a subsidiary of a state\n savings bank;\n\n 6. A state savings bank may merge into or consolidate with a state\n association, state bank, federal savings institution or national bank whose\n main office is located within the Commonwealth; and\n\n 7. A state association, state bank or federal financial institution may merge\n into or consolidate with a state savings bank.\n\nB. If the resulting entity is to do business as a bank, the Commission shall not\napprove the merger or consolidation unless the applicant meets the standards\nestablished by § 6.2-816. If the resulting entity is to do business as a\nsavings institution, the Commission shall not approve the merger or\nconsolidation unless the applicant meets the standards established by §\n6.2-1118. In either case, the order granting a certificate of authority to do\nbusiness shall designate the main office of the resulting entity.\n\nC. The resulting entity shall be permitted to operate all branch offices of the\nmerging or consolidating entities that could have been established de novo by\nthe resulting entity or that were in operation at least five years prior to the\ndate of the order permitting merger or consolidation. Within one year of such\nmerger or consolidation, the resulting entity shall conform its assets and\noperations to the provisions of law regulating the operation of savings\ninstitutions if the resulting entity is operated as a savings institution or to\nthe provisions of law regulating the operation of banks if the resulting entity\nis operated as a bank. The Commission may grant the resulting entity additional\none-year periods, not to exceed a total of four additional years, in which to\nconform its assets and operations as provided herein.\n\nHISTORY: 1982, c. 224, \u00a7 6.1-195.57:1; 1985, c. 425, \u00a7 6.1-194.40; 1991, cc.\n228, 230, \u00a7 6.1-194.131; 1996, c. 26; 2010, c. 794.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}