{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-700.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-700.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-700.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-700.html"}],"law_id":75055,"edition_id":1,"section_id":75055,"structure_id":13877,"section_number":"6.2-700","catch_line":"Definitions","history":"1978, c. 683, \u00a7 6.1-381; 1983, c. 194; 1985, c. 544, \u00a7 6.1-398; 1985, c. 604; 1986, c. 257; 1993, c. 58; 1994, cc. 315, 351; 1996, c. 16; 1998, c. 231; 2010, c. 794.","full_text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Acquire” means:\n\n1\n\nThe merger or consolidation of one bank holding company with another bank holding company;2\n\nThe acquisition by a bank holding company of direct or indirect ownership or control of voting shares of another bank holding company or a bank, if, after such acquisition, the bank holding company making the acquisition will directly or indirectly own or control more than five percent of any class of voting shares of the other bank holding company or the bank;3\n\nThe direct or indirect acquisition by a bank holding company of all or substantially all of the assets of another bank holding company or of a bank; or4\n\nAny other action that would result in direct or indirect control by a bank holding company of another bank holding company or a bank.\n\t\t\t“Bank” has the same meaning assigned to it in 12 U.S.C. § 1841(c).\n\t\t\t“Bank holding company” has the meaning assigned to it in 12 U.S.C. § 1841 (a) (1).\n\t\t\t“Financial institution” shall not include any consumer finance company or savings institution.\n\t\t\t“Financial institution holding company” means any person that has control over any financial institution or that has control over any person that controls any financial institution.\n\t\t\t“Home state” means:1\n\nWith respect to a national bank, the state in which the main office is located;2\n\nWith respect to a state bank, the state by which the bank is chartered; and3\n\nWith respect to a bank holding company, the state in which the total deposits of all banking subsidiaries of such company are the largest on the later of (i) July 1, 1966, or (ii) the date on which the company becomes a bank holding company under the federal Bank Holding Company Act (12 U.S.C. § 1841 et seq.).\n\t\t\t“Out-of-state bank holding company” means a bank holding company that has as its home state a state other than the Commonwealth.\n\t\t\t“Subsidiary” means an entity over which another person has control. With respect to a bank, “subsidiary” means:1\n\nAny entity 25 percent or more of whose voting shares, excluding shares owned by the United States or by any company wholly owned by the United States, are directly or indirectly owned or controlled by such bank holding company, or held by it with power to vote;2\n\nAny company the election of a majority of whose directors is controlled in any manner by such bank holding company; or3\n\nAny company with respect to the management or policies of which such bank holding company has the power, directly or indirectly, to exercise a controlling influence, as determined by the Commission, after notice and opportunity for hearing.\n\t\t\t“Virginia bank” means a bank that is organized under the laws of the Commonwealth or of the United States and that has the Commonwealth as its home state.\n\t\t\t“Virginia bank holding company” means a bank holding company that has the Commonwealth as its home state and is not controlled by a bank holding company other than a Virginia bank holding company.\n\t\t\t“Virginia financial institution” means a financial institution authorized to do business in the Commonwealth.\n\t\t\t“Virginia financial institution holding company” means any person that has control over any financial institution authorized to do business in the Commonwealth or has control over a person that controls any such financial institution.","order_by":null,"text":{"0":{"id":269584,"text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Acquire” means:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":269585,"text":"The merger or consolidation of one bank holding company with another bank holding company;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":269586,"text":"The acquisition by a bank holding company of direct or indirect ownership or control of voting shares of another bank holding company or a bank, if, after such acquisition, the bank holding company making the acquisition will directly or indirectly own or control more than five percent of any class of voting shares of the other bank holding company or the bank;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":269587,"text":"The direct or indirect acquisition by a bank holding company of all or substantially all of the assets of another bank holding company or of a bank; or","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":269588,"text":"Any other action that would result in direct or indirect control by a bank holding company of another bank holding company or a bank.\n\t\t\t“Bank” has the same meaning assigned to it in 12 U.S.C. § 1841(c).\n\t\t\t“Bank holding company” has the meaning assigned to it in 12 U.S.C. § 1841 (a) (1).\n\t\t\t“Financial institution” shall not include any consumer finance company or savings institution.\n\t\t\t“Financial institution holding company” means any person that has control over any financial institution or that has control over any person that controls any financial institution.\n\t\t\t“Home state” means:","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"1"},"5":{"id":269589,"text":"With respect to a national bank, the state in which the main office is located;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"4","next_prefix":"2"},"6":{"id":269590,"text":"With respect to a state bank, the state by which the bank is chartered; and","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"7":{"id":269591,"text":"With respect to a bank holding company, the state in which the total deposits of all banking subsidiaries of such company are the largest on the later of (i) July 1, 1966, or (ii) the date on which the company becomes a bank holding company under the federal Bank Holding Company Act (12 U.S.C. § 1841 et seq.).\n\t\t\t“Out-of-state bank holding company” means a bank holding company that has as its home state a state other than the Commonwealth.\n\t\t\t“Subsidiary” means an entity over which another person has control. With respect to a bank, “subsidiary” means:","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"1"},"8":{"id":269592,"text":"Any entity 25 percent or more of whose voting shares, excluding shares owned by the United States or by any company wholly owned by the United States, are directly or indirectly owned or controlled by such bank holding company, or held by it with power to vote;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"3","next_prefix":"2"},"9":{"id":269593,"text":"Any company the election of a majority of whose directors is controlled in any manner by such bank holding company; or","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"10":{"id":269594,"text":"Any company with respect to the management or policies of which such bank holding company has the power, directly or indirectly, to exercise a controlling influence, as determined by the Commission, after notice and opportunity for hearing.\n\t\t\t“Virginia bank” means a bank that is organized under the laws of the Commonwealth or of the United States and that has the Commonwealth as its home state.\n\t\t\t“Virginia bank holding company” means a bank holding company that has the Commonwealth as its home state and is not controlled by a bank holding company other than a Virginia bank holding company.\n\t\t\t“Virginia financial institution” means a financial institution authorized to do business in the Commonwealth.\n\t\t\t“Virginia financial institution holding company” means any person that has control over any financial institution authorized to do business in the Commonwealth or has control over a person that controls any such financial institution.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2"}},"ancestry":[{"id":13877,"edition_id":1,"name":"Acquisitions of Interests in Financial Institutions","identifier":"7","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:46:09","date_modified":"2026-06-26 03:46:09","permalink":{"id":264999,"object_type":"structure","relational_id":13877,"identifier":"7","token":"6.2\/II\/7","url":"\/6.2\/II\/7\/","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":75055,"structure_id":13877,"section_number":"6.2-700","catch_line":"Definitions","url":"\/6.2-700\/","token":"6.2\/II\/7\/6.2-700","metadata":false},{"id":60495,"structure_id":13877,"section_number":"6.2-701","catch_line":"Presumptions regarding control of entities, ownership of shares, and activities of subsidiaries or other entities","url":"\/6.2-701\/","token":"6.2\/II\/7\/6.2-701","metadata":false},{"id":54906,"structure_id":13877,"section_number":"6.2-702","catch_line":"Registration; authority to transact business","url":"\/6.2-702\/","token":"6.2\/II\/7\/6.2-702","metadata":false},{"id":85442,"structure_id":13877,"section_number":"6.2-703","catch_line":"Acquisition of interest in entity other than financial institution by financial institutions","url":"\/6.2-703\/","token":"6.2\/II\/7\/6.2-703","metadata":false},{"id":69570,"structure_id":13877,"section_number":"6.2-704","catch_line":"Acquisition of interests in financial institutions and financial institution holding companies; application; notice; Commission approval required","url":"\/6.2-704\/","token":"6.2\/II\/7\/6.2-704","metadata":false},{"id":57026,"structure_id":13877,"section_number":"6.2-705","catch_line":"Investigation of application","url":"\/6.2-705\/","token":"6.2\/II\/7\/6.2-705","metadata":false},{"id":87334,"structure_id":13877,"section_number":"6.2-706","catch_line":"Cooperative agreements with other regulatory authorities","url":"\/6.2-706\/","token":"6.2\/II\/7\/6.2-706","metadata":false},{"id":72788,"structure_id":13877,"section_number":"6.2-707","catch_line":"Reports and examinations","url":"\/6.2-707\/","token":"6.2\/II\/7\/6.2-707","metadata":false},{"id":70385,"structure_id":13877,"section_number":"6.2-708","catch_line":"Unsafe or unsound practices; cease and desist orders","url":"\/6.2-708\/","token":"6.2\/II\/7\/6.2-708","metadata":false},{"id":77051,"structure_id":13877,"section_number":"6.2-709","catch_line":"Conformity with federal forms","url":"\/6.2-709\/","token":"6.2\/II\/7\/6.2-709","metadata":false},{"id":67335,"structure_id":13877,"section_number":"6.2-710","catch_line":"Regulations excluding financial institution holding companies from this chapter","url":"\/6.2-710\/","token":"6.2\/II\/7\/6.2-710","metadata":false},{"id":81309,"structure_id":13877,"section_number":"6.2-711","catch_line":"Civil penalties; injunction","url":"\/6.2-711\/","token":"6.2\/II\/7\/6.2-711","metadata":false},{"id":85696,"structure_id":13877,"section_number":"6.2-712","catch_line":"A savings institution holding company seeking to acquire a bank or bank holding company deemed a bank holding company","url":"\/6.2-712\/","token":"6.2\/II\/7\/6.2-712","metadata":false},{"id":74113,"structure_id":13877,"section_number":"6.2-713","catch_line":"Applicable laws and regulations","url":"\/6.2-713\/","token":"6.2\/II\/7\/6.2-713","metadata":false},{"id":65153,"structure_id":13877,"section_number":"6.2-714","catch_line":"Examinations of out-of-state bank holding companies and subsidiaries; reports; joint actions","url":"\/6.2-714\/","token":"6.2\/II\/7\/6.2-714","metadata":false},{"id":73214,"structure_id":13877,"section_number":"6.2-715","catch_line":"Notice of intent to acquire out-of-state bank","url":"\/6.2-715\/","token":"6.2\/II\/7\/6.2-715","metadata":false}],"next_section":{"id":60495,"structure_id":13877,"section_number":"6.2-701","catch_line":"Presumptions regarding control of entities, ownership of shares, and activities of subsidiaries or other entities","url":"\/6.2-701\/","token":"6.2\/II\/7\/6.2-701","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-700\/","history_text":"

This law was first created in 1978. The record of its establishment is cataloged in chapter 683 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 1978 \u201cActs\u201d aren\u2019t available online. It has been modified 9 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 1983, chapter 194; in 1985, chapter 544; in 1985, chapter 604; in 1986, chapter 257; in 1993, chapter 58; in 1994, chapters 315<\/a> and 351<\/a>; in 1996, chapter 16<\/a>; in 1998, chapter 231<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":62570,"section_number":"6.2-1001","catch_line":"Entities authorized to engage in trust business","order_by":null,"url":"\/6.2-1001\/"},{"id":68689,"section_number":"6.2-1100","catch_line":"Definitions","order_by":null,"url":"\/6.2-1100\/"},{"id":81765,"section_number":"6.2-1602","catch_line":"Persons exempt from chapter","order_by":null,"url":"\/6.2-1602\/"},{"id":86656,"section_number":"6.2-800","catch_line":"Definitions","order_by":null,"url":"\/6.2-800\/"},{"id":58014,"section_number":"6.2-803","catch_line":"Entities authorized to engage in banking business","order_by":null,"url":"\/6.2-803\/"},{"id":64462,"section_number":"6.2-809","catch_line":"Bankers' banks","order_by":null,"url":"\/6.2-809\/"},{"id":63809,"section_number":"6.2-822","catch_line":"Merger and share exchange by state banks","order_by":null,"url":"\/6.2-822\/"},{"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\/"}],"refers_to":false,"permalink":{"id":265001,"object_type":"law","relational_id":75055,"identifier":"6.2-700","token":"6.2\/II\/7\/6.2-700","url":"\/6.2-700\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-700\/","token":"6.2\/II\/7\/6.2-700","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-700","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter, unless the context requires a different meaning:\n\t\t“Acquire” means:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The merger or consolidation<\/span> of one bank holding company with another bank holding company; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The acquisition by a bank holding company of direct or indirect ownership or control of voting shares of another bank holding company or a bank, if, after such acquisition, the bank holding company making the acquisition will directly or indirectly own or control more than five percent of any class of voting shares of the other bank holding company or the bank; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The direct or indirect acquisition by a bank holding company of all or substantially all of the assets<\/span> of another bank holding company or of a bank; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Any other action that would result in direct or indirect control by a bank holding company of another bank holding company or a bank.\n\t\t\t“Bank” has the same meaning assigned to it in 12 U.S.C. § 1841(c).\n\t\t\t“Bank holding company” has the meaning assigned to it in 12 U.S.C. § 1841 (a) (1).\n\t\t\t“Financial institution” shall not include any consumer finance company or savings institution.\n\t\t\t“Financial institution holding company<\/span>” means any person<\/span> that has control over any financial institution or that has control over any person<\/span> that controls any financial institution.\n\t\t\t“Home state” means: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> With respect to a national bank, the state in which the main office is located; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> With respect to a state bank, the state by which the bank is chartered; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> With respect to a bank holding company, the state in which the total deposits of all banking subsidiaries of such company are the largest on the later of (i) July 1, 1966, or (ii) the date on which the company becomes a bank holding company under the federal Bank Holding Company Act (12 U.S.C. § 1841 et seq.).\n\t\t\t“Out-of-state bank holding company<\/span>” means a bank holding company that has as its home state a state other than the Commonwealth.\n\t\t\t“Subsidiary<\/span>” means an entity<\/span> over which another person<\/span> has control. With respect to a bank, “subsidiary<\/span>” means: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Any entity<\/span> 25 percent or more of whose voting shares, excluding shares owned by the United States or by any company wholly owned by the United States, are directly or indirectly owned or controlled by such bank holding company, or held by it with power to vote; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Any company the election of a majority of whose directors is controlled in any manner by such bank holding company; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Any company with respect to the management or policies of which such bank holding company has the power, directly or indirectly, to exercise a controlling influence, as determined by the Commission<\/span>, after notice and opportunity for hearing<\/span>.\n\t\t\t“Virginia bank” means a bank that is organized under the laws<\/span> of the Commonwealth or of the United States and that has the Commonwealth as its home state.\n\t\t\t“Virginia bank holding company<\/span>” means a bank holding company that has the Commonwealth as its home state and is not controlled by a bank holding company other than a Virginia bank holding company<\/span>.\n\t\t\t“Virginia financial institution<\/span>” means a financial institution authorized to do business in the Commonwealth.\n\t\t\t“Virginia financial institution holding company<\/span><\/span>” means any person<\/span> that has control over any financial institution authorized to do business in the Commonwealth or has control over a person<\/span> that controls any such financial institution. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 6.2-700)\n\nAs used in this chapter, unless the context requires a different meaning:\n\t\t“Acquire” means:\n\n1. The merger or consolidation of one bank holding company with another bank\nholding company;\n\n2. The acquisition by a bank holding company of direct or indirect ownership or\ncontrol of voting shares of another bank holding company or a bank, if, after\nsuch acquisition, the bank holding company making the acquisition will directly\nor indirectly own or control more than five percent of any class of voting\nshares of the other bank holding company or the bank;\n\n3. The direct or indirect acquisition by a bank holding company of all or\nsubstantially all of the assets of another bank holding company or of a bank; or\n\n4. Any other action that would result in direct or indirect control by a bank\nholding company of another bank holding company or a bank.\n\t\t\t“Bank” has the same meaning assigned to it in 12 U.S.C. §\n1841(c).\n\t\t\t“Bank holding company” has the meaning assigned to it in 12\nU.S.C. § 1841 (a) (1).\n\t\t\t“Financial institution” shall not include any consumer finance\ncompany or savings institution.\n\t\t\t“Financial institution holding company” means any person that has\ncontrol over any financial institution or that has control over any person that\ncontrols any financial institution.\n\t\t\t“Home state” means:\n\n1. With respect to a national bank, the state in which the main office is\nlocated;\n\n2. With respect to a state bank, the state by which the bank is chartered; and\n\n3. With respect to a bank holding company, the state in which the total deposits\nof all banking subsidiaries of such company are the largest on the later of (i)\nJuly 1, 1966, or (ii) the date on which the company becomes a bank holding\ncompany under the federal Bank Holding Company Act (12 U.S.C. § 1841 et\nseq.).\n\t\t\t“Out-of-state bank holding company” means a bank holding company\nthat has as its home state a state other than the Commonwealth.\n\t\t\t“Subsidiary” means an entity over which another person has\ncontrol. With respect to a bank, “subsidiary” means:\n\n1. Any entity 25 percent or more of whose voting shares, excluding shares owned\nby the United States or by any company wholly owned by the United States, are\ndirectly or indirectly owned or controlled by such bank holding company, or held\nby it with power to vote;\n\n2. Any company the election of a majority of whose directors is controlled in\nany manner by such bank holding company; or\n\n3. Any company with respect to the management or policies of which such bank\nholding company has the power, directly or indirectly, to exercise a controlling\ninfluence, as determined by the Commission, after notice and opportunity for\nhearing.\n\t\t\t“Virginia bank” means a bank that is organized under the laws of\nthe Commonwealth or of the United States and that has the Commonwealth as its\nhome state.\n\t\t\t“Virginia bank holding company” means a bank holding company that\nhas the Commonwealth as its home state and is not controlled by a bank holding\ncompany other than a Virginia bank holding company.\n\t\t\t“Virginia financial institution” means a financial institution\nauthorized to do business in the Commonwealth.\n\t\t\t“Virginia financial institution holding company” means any person\nthat has control over any financial institution authorized to do business in the\nCommonwealth or has control over a person that controls any such financial\ninstitution.\n\nHISTORY: 1978, c. 683, \u00a7 6.1-381; 1983, c. 194; 1985, c. 544, \u00a7 6.1-398; 1985,\nc. 604; 1986, c. 257; 1993, c. 58; 1994, cc. 315, 351; 1996, c. 16; 1998, c.\n231; 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}}