{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1157.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1157.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1157.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1157.html"}],"law_id":87076,"edition_id":1,"section_id":87076,"structure_id":13529,"section_number":"6.2-1157","catch_line":"Acquisitions by out-of-state savings institution holding company","history":"1985, c. 425, \u00a7 6.1-194.97; 1994, c. 353; 2010, c. 794.","full_text":"A\n\nAny savings institution holding company that does not have a Virginia savings institution subsidiary, except as acquired in the regular course of securing or collecting a debt previously contracted in good faith, may acquire a Virginia savings institution holding company or a Virginia savings institution with the approval of the Commission. Such savings institution holding company shall submit to the Commission an application for approval of such acquisition, which application may be approved if the Commission:1\n\nDetermines that the laws of the state in which the savings institution holding company making the acquisition has its principal place of business do not prohibit or unfairly impede a Virginia savings institution holding company meeting the criteria in this article from acquiring savings institutions or savings institution holding companies in that state;2\n\nDetermines that the laws of the state in which the savings institution holding company making the acquisition has its principal place of business permit such savings institution holding company to be acquired by the Virginia savings institution holding company or Virginia savings institution sought to be acquired. For purposes of this subsection, a Virginia savings institution shall be treated as if it were a Virginia savings institution holding company;3\n\nDetermines either that the Virginia savings institution sought to be acquired has been in existence and continuously operating for more than two years or that all of the savings institution subsidiaries of the Virginia savings institution holding company sought to be acquired have been in existence and continuously operating for more than two years. The Commission may approve the acquisition by such savings institution holding company of all or substantially all of the shares of a savings institution organized solely for the purpose of facilitating the acquisition of a savings institution that has been in existence and continuously operating as a savings institution for more than two years; and4\n\nMakes the acquisition subject to any conditions, restrictions, requirements or other limitations that would apply to the acquisition by a Virginia savings institution holding company of a savings institution or savings institution holding company in the state where such savings institution holding company making the acquisition has its principal place of business but that would not apply to the acquisition of a savings institution or savings institution holding company in such state by a savings institution holding company all the savings institution subsidiaries of which are located in that state.B\n\nAn out-of-state savings institution holding company that has a Virginia savings institution subsidiary, except as acquired in the regular course of securing or collecting a debt previously contracted in good faith, may acquire any Virginia savings institution or Virginia savings institution holding company with the approval of the Commission. Such savings institution holding company shall submit to the Commission an application for approval of such acquisition, which application may be approved if the Commission:1\n\nDetermines either that the Virginia savings institution sought to be acquired has been in existence and continuously operating for more than two years or that all of the savings institution subsidiaries of the Virginia savings institution holding company sought to be acquired have been in existence and continuously operating for more than two years. The Commission may approve the acquisition by such savings institution holding company of all or substantially all of the shares of the savings institution organized solely for the purpose of facilitating the acquisition of a savings institution that has been in existence and continuously operating as a savings institution for more than two years; and2\n\nMakes the acquisition subject to any conditions, restrictions, requirements or other limitations that would apply to the acquisition by a Virginia savings institution holding company of a savings institution or a savings institution holding company in the state where such savings institution holding company making the acquisition has its principal place of business but that would not apply to the acquisition of a savings institution or a savings institution holding company in such state by a savings institution holding company all the savings institution subsidiaries of which are located in that state.","order_by":null,"text":{"0":{"id":311793,"text":"Any savings institution holding company that does not have a Virginia savings institution subsidiary, except as acquired in the regular course of securing or collecting a debt previously contracted in good faith, may acquire a Virginia savings institution holding company or a Virginia savings institution with the approval of the Commission. Such savings institution holding company shall submit to the Commission an application for approval of such acquisition, which application may be approved if the Commission:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":311794,"text":"Determines that the laws of the state in which the savings institution holding company making the acquisition has its principal place of business do not prohibit or unfairly impede a Virginia savings institution holding company meeting the criteria in this article from acquiring savings institutions or savings institution holding companies in that state;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":311795,"text":"Determines that the laws of the state in which the savings institution holding company making the acquisition has its principal place of business permit such savings institution holding company to be acquired by the Virginia savings institution holding company or Virginia savings institution sought to be acquired. For purposes of this subsection, a Virginia savings institution shall be treated as if it were a Virginia savings institution holding company;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":311796,"text":"Determines either that the Virginia savings institution sought to be acquired has been in existence and continuously operating for more than two years or that all of the savings institution subsidiaries of the Virginia savings institution holding company sought to be acquired have been in existence and continuously operating for more than two years. The Commission may approve the acquisition by such savings institution holding company of all or substantially all of the shares of a savings institution organized solely for the purpose of facilitating the acquisition of a savings institution that has been in existence and continuously operating as a savings institution for more than two years; and","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":311797,"text":"Makes the acquisition subject to any conditions, restrictions, requirements or other limitations that would apply to the acquisition by a Virginia savings institution holding company of a savings institution or savings institution holding company in the state where such savings institution holding company making the acquisition has its principal place of business but that would not apply to the acquisition of a savings institution or savings institution holding company in such state by a savings institution holding company all the savings institution subsidiaries of which are located in that state.","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"B"},"5":{"id":311798,"text":"An out-of-state savings institution holding company that has a Virginia savings institution subsidiary, except as acquired in the regular course of securing or collecting a debt previously contracted in good faith, may acquire any Virginia savings institution or Virginia savings institution holding company with the approval of the Commission. Such savings institution holding company shall submit to the Commission an application for approval of such acquisition, which application may be approved if the Commission:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A4","next_prefix":"B1"},"6":{"id":311799,"text":"Determines either that the Virginia savings institution sought to be acquired has been in existence and continuously operating for more than two years or that all of the savings institution subsidiaries of the Virginia savings institution holding company sought to be acquired have been in existence and continuously operating for more than two years. The Commission may approve the acquisition by such savings institution holding company of all or substantially all of the shares of the savings institution organized solely for the purpose of facilitating the acquisition of a savings institution that has been in existence and continuously operating as a savings institution for more than two years; and","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"7":{"id":311800,"text":"Makes the acquisition subject to any conditions, restrictions, requirements or other limitations that would apply to the acquisition by a Virginia savings institution holding company of a savings institution or a savings institution holding company in the state where such savings institution holding company making the acquisition has its principal place of business but that would not apply to the acquisition of a savings institution or a savings institution holding company in such state by a savings institution holding company all the savings institution subsidiaries of which are located in that state.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1"}},"ancestry":[{"id":13529,"edition_id":1,"name":"Foreign Savings Institutions; Acquisitions by Out-Of-State Savings Institutions or Out-Of-State Savings Institution Holding Companies","identifier":"5","label":"article","depth":4,"order_by":1,"parent_id":13490,"metadata":{},"date_created":"2026-06-26 03:45:07","date_modified":"2026-06-26 03:45:07","permalink":{"id":264303,"object_type":"structure","relational_id":13529,"identifier":"5","token":"6.2\/II\/11\/5","url":"\/6.2\/II\/11\/5\/","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":87028,"structure_id":13529,"section_number":"6.2-1148","catch_line":"Definitions","url":"\/6.2-1148\/","token":"6.2\/II\/11\/5\/6.2-1148","metadata":false},{"id":72618,"structure_id":13529,"section_number":"6.2-1149","catch_line":"Foreign savings institutions; certificate of authority","url":"\/6.2-1149\/","token":"6.2\/II\/11\/5\/6.2-1149","metadata":false},{"id":54494,"structure_id":13529,"section_number":"6.2-1150","catch_line":"When operation of foreign savings institution in the Commonwealth is prohibited","url":"\/6.2-1150\/","token":"6.2\/II\/11\/5\/6.2-1150","metadata":false},{"id":65228,"structure_id":13529,"section_number":"6.2-1151","catch_line":"Applicability of Virginia Stock and Nonstock Corporation Acts","url":"\/6.2-1151\/","token":"6.2\/II\/11\/5\/6.2-1151","metadata":false},{"id":68576,"structure_id":13529,"section_number":"6.2-1152","catch_line":"Law applicable to contracts of foreign savings institutions","url":"\/6.2-1152\/","token":"6.2\/II\/11\/5\/6.2-1152","metadata":false},{"id":65806,"structure_id":13529,"section_number":"6.2-1153","catch_line":"Examination and supervision of foreign savings institutions","url":"\/6.2-1153\/","token":"6.2\/II\/11\/5\/6.2-1153","metadata":false},{"id":76607,"structure_id":13529,"section_number":"6.2-1154","catch_line":"Revocation of certificate of authority of foreign savings institution","url":"\/6.2-1154\/","token":"6.2\/II\/11\/5\/6.2-1154","metadata":false},{"id":79460,"structure_id":13529,"section_number":"6.2-1155","catch_line":"Unapproved foreign savings institutions","url":"\/6.2-1155\/","token":"6.2\/II\/11\/5\/6.2-1155","metadata":false},{"id":84988,"structure_id":13529,"section_number":"6.2-1156","catch_line":"Activities that are not considered \"doing business.\"","url":"\/6.2-1156\/","token":"6.2\/II\/11\/5\/6.2-1156","metadata":false},{"id":87076,"structure_id":13529,"section_number":"6.2-1157","catch_line":"Acquisitions by out-of-state savings institution holding company","url":"\/6.2-1157\/","token":"6.2\/II\/11\/5\/6.2-1157","metadata":false},{"id":83536,"structure_id":13529,"section_number":"6.2-1158","catch_line":"Acquisitions by out-of-state savings institution","url":"\/6.2-1158\/","token":"6.2\/II\/11\/5\/6.2-1158","metadata":false},{"id":83679,"structure_id":13529,"section_number":"6.2-1159","catch_line":"Investigation of application; prescribed investigation period; shortening, lengthening or waiving of period; hearing; appeals","url":"\/6.2-1159\/","token":"6.2\/II\/11\/5\/6.2-1159","metadata":false},{"id":86253,"structure_id":13529,"section_number":"6.2-1160","catch_line":"Notice of intent to acquire out-of-state savings institution","url":"\/6.2-1160\/","token":"6.2\/II\/11\/5\/6.2-1160","metadata":false},{"id":64824,"structure_id":13529,"section_number":"6.2-1161","catch_line":"Applicable laws and regulations; enforcement by Commission","url":"\/6.2-1161\/","token":"6.2\/II\/11\/5\/6.2-1161","metadata":false},{"id":83343,"structure_id":13529,"section_number":"6.2-1162","catch_line":"Periodic reports; interstate agreements","url":"\/6.2-1162\/","token":"6.2\/II\/11\/5\/6.2-1162","metadata":false},{"id":63593,"structure_id":13529,"section_number":"6.2-1163","catch_line":"Application of article to bank or bank holding company","url":"\/6.2-1163\/","token":"6.2\/II\/11\/5\/6.2-1163","metadata":false},{"id":82624,"structure_id":13529,"section_number":"6.2-1164","catch_line":"Acquisitions of state savings bank or holding companies by out-of-state financial institutions","url":"\/6.2-1164\/","token":"6.2\/II\/11\/5\/6.2-1164","metadata":false},{"id":64336,"structure_id":13529,"section_number":"6.2-1165","catch_line":"Nonseverability","url":"\/6.2-1165\/","token":"6.2\/II\/11\/5\/6.2-1165","metadata":false}],"previous_section":{"id":84988,"structure_id":13529,"section_number":"6.2-1156","catch_line":"Activities that are not considered \"doing business.\"","url":"\/6.2-1156\/","token":"6.2\/II\/11\/5\/6.2-1156","metadata":false},"next_section":{"id":83536,"structure_id":13529,"section_number":"6.2-1158","catch_line":"Acquisitions by out-of-state savings institution","url":"\/6.2-1158\/","token":"6.2\/II\/11\/5\/6.2-1158","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1157\/","history_text":"

This law was first created in 1985. The record of its establishment is cataloged in chapter 425 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 1985 \u201cActs\u201d aren\u2019t available online. It has been modified 2 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 1994, chapter 353<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":83679,"section_number":"6.2-1159","catch_line":"Investigation of application; prescribed investigation period; shortening, lengthening or waiving of period; hearing; appeals","order_by":null,"url":"\/6.2-1159\/"},{"id":64336,"section_number":"6.2-1165","catch_line":"Nonseverability","order_by":null,"url":"\/6.2-1165\/"}],"refers_to":false,"permalink":{"id":264341,"object_type":"law","relational_id":87076,"identifier":"6.2-1157","token":"6.2\/II\/11\/5\/6.2-1157","url":"\/6.2-1157\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1157\/","token":"6.2\/II\/11\/5\/6.2-1157","dublin_core":{"Title":"Acquisitions by out-of-state savings institution holding company","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1157","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Any savings institution holding company<\/span> that does not have a Virginia savings institution<\/span> subsidiary, except as acquired in the regular course of securing or collecting a debt previously contracted in good faith, may acquire a Virginia savings institution holding company<\/span><\/span> or a Virginia savings institution<\/span> with the approval of the Commission<\/span>. Such savings institution holding company<\/span> shall submit to the Commission<\/span> an application for approval of such acquisition, which application may be approved if the Commission<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Determines that the laws<\/span> of the state in which the savings institution holding company<\/span> making the acquisition has its principal place of business do not prohibit or unfairly impede a Virginia savings institution holding company<\/span><\/span> meeting the criteria in this article from acquiring savings institutions<\/span> or savings institution holding companies in that state; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Determines that the laws<\/span> of the state in which the savings institution holding company<\/span> making the acquisition has its principal place of business permit such savings institution holding company<\/span> to be acquired by the Virginia savings institution holding company<\/span><\/span> or Virginia savings institution<\/span> sought to be acquired. For purposes of this subsection, a Virginia savings institution<\/span> shall be treated as if it were a Virginia savings institution holding company<\/span><\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Determines either that the Virginia savings institution<\/span> sought to be acquired has been in existence and continuously operating for more than two years or that all of the savings institution subsidiaries of the Virginia savings institution holding company<\/span><\/span> sought to be acquired have been in existence and continuously operating for more than two years. The Commission<\/span> may approve the acquisition by such savings institution holding company<\/span> of all or substantially all of the shares of a savings institution organized solely for the purpose of facilitating the acquisition of a savings institution that has been in existence and continuously operating as a savings institution for more than two years; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Makes the acquisition subject to any conditions, restrictions, requirements or other limitations that would apply to the acquisition by a Virginia savings institution holding company<\/span><\/span> of a savings institution or savings institution holding company<\/span> in the state where such savings institution holding company<\/span> making the acquisition has its principal place of business but that would not apply to the acquisition of a savings institution or savings institution holding company<\/span> in such state by a savings institution holding company<\/span> all the savings institution subsidiaries of which are located in that state. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> An out-of-state savings institution holding company<\/span><\/span> that has a Virginia savings institution<\/span> subsidiary, except as acquired in the regular course of securing or collecting a debt previously contracted in good faith, may acquire any Virginia savings institution<\/span> or Virginia savings institution holding company<\/span><\/span> with the approval of the Commission<\/span>. Such savings institution holding company<\/span> shall submit to the Commission<\/span> an application for approval of such acquisition, which application may be approved if the Commission<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Determines either that the Virginia savings institution<\/span> sought to be acquired has been in existence and continuously operating for more than two years or that all of the savings institution subsidiaries of the Virginia savings institution holding company<\/span><\/span> sought to be acquired have been in existence and continuously operating for more than two years. The Commission<\/span> may approve the acquisition by such savings institution holding company<\/span> of all or substantially all of the shares of the savings institution organized solely for the purpose of facilitating the acquisition of a savings institution that has been in existence and continuously operating as a savings institution for more than two years; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Makes the acquisition subject to any conditions, restrictions, requirements or other limitations that would apply to the acquisition by a Virginia savings institution holding company<\/span><\/span> of a savings institution or a savings institution holding company<\/span> in the state where such savings institution holding company<\/span> making the acquisition has its principal place of business but that would not apply to the acquisition of a savings institution or a savings institution holding company<\/span> in such state by a savings institution holding company<\/span> all the savings institution subsidiaries of which are located in that state. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nACQUISITIONS BY OUT-OF-STATE SAVINGS INSTITUTION HOLDING COMPANY (\u00a7 6.2-1157)\n\nA. Any savings institution holding company that does not have a Virginia savings\ninstitution subsidiary, except as acquired in the regular course of securing or\ncollecting a debt previously contracted in good faith, may acquire a Virginia\nsavings institution holding company or a Virginia savings institution with the\napproval of the Commission. Such savings institution holding company shall\nsubmit to the Commission an application for approval of such acquisition, which\napplication may be approved if the Commission:\n\n 1. Determines that the laws of the state in which the savings institution\n holding company making the acquisition has its principal place of business do\n not prohibit or unfairly impede a Virginia savings institution holding company\n meeting the criteria in this article from acquiring savings institutions or\n savings institution holding companies in that state;\n\n 2. Determines that the laws of the state in which the savings institution\n holding company making the acquisition has its principal place of business\n permit such savings institution holding company to be acquired by the Virginia\n savings institution holding company or Virginia savings institution sought to\n be acquired. For purposes of this subsection, a Virginia savings institution\n shall be treated as if it were a Virginia savings institution holding company;\n\n 3. Determines either that the Virginia savings institution sought to be\n acquired has been in existence and continuously operating for more than two\n years or that all of the savings institution subsidiaries of the Virginia\n savings institution holding company sought to be acquired have been in\n existence and continuously operating for more than two years. The Commission\n may approve the acquisition by such savings institution holding company of all\n or substantially all of the shares of a savings institution organized solely\n for the purpose of facilitating the acquisition of a savings institution that\n has been in existence and continuously operating as a savings institution for\n more than two years; and\n\n 4. Makes the acquisition subject to any conditions, restrictions, requirements\n or other limitations that would apply to the acquisition by a Virginia savings\n institution holding company of a savings institution or savings institution\n holding company in the state where such savings institution holding company\n making the acquisition has its principal place of business but that would not\n apply to the acquisition of a savings institution or savings institution\n holding company in such state by a savings institution holding company all the\n savings institution subsidiaries of which are located in that state.\n\nB. An out-of-state savings institution holding company that has a Virginia\nsavings institution subsidiary, except as acquired in the regular course of\nsecuring or collecting a debt previously contracted in good faith, may acquire\nany Virginia savings institution or Virginia savings institution holding company\nwith the approval of the Commission. Such savings institution holding company\nshall submit to the Commission an application for approval of such acquisition,\nwhich application may be approved if the Commission:\n\n 1. Determines either that the Virginia savings institution sought to be\n acquired has been in existence and continuously operating for more than two\n years or that all of the savings institution subsidiaries of the Virginia\n savings institution holding company sought to be acquired have been in\n existence and continuously operating for more than two years. The Commission\n may approve the acquisition by such savings institution holding company of all\n or substantially all of the shares of the savings institution organized solely\n for the purpose of facilitating the acquisition of a savings institution that\n has been in existence and continuously operating as a savings institution for\n more than two years; and\n\n 2. Makes the acquisition subject to any conditions, restrictions, requirements\n or other limitations that would apply to the acquisition by a Virginia savings\n institution holding company of a savings institution or a savings institution\n holding company in the state where such savings institution holding company\n making the acquisition has its principal place of business but that would not\n apply to the acquisition of a savings institution or a savings institution\n holding company in such state by a savings institution holding company all the\n savings institution subsidiaries of which are located in that state.\n\nHISTORY: 1985, c. 425, \u00a7 6.1-194.97; 1994, c. 353; 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}}