{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-704.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-704.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-704.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-704.html"}],"law_id":69570,"edition_id":1,"section_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","history":"1983, c. 194, \u00a7 6.1-383.1; 1985, c. 544, \u00a7 6.1-399; 1985, c. 604; 1991, c. 282; 1994, c. 351; 1998, c. 231; 2010, c. 794.","full_text":"A\n\nExcept as provided in this chapter, no person shall acquire or make any public offer to acquire, directly or indirectly, control of a Virginia financial institution or a Virginia financial institution holding company, and no Virginia financial institution holding company shall acquire more than five percent of the voting shares of any Virginia financial institution or of any other Virginia financial institution holding company, unless it first shall:1\n\nFile with the Commission an application in such form as the Commission may prescribe from time to time;2\n\nDeliver to the Commission such other information as the Commission may require with such certification of financial information and such verification by oath or affirmation of other data as the Commission may deem appropriate;3\n\nPay such application fee as the Commission may prescribe from time to time; and4\n\nExcept in the case of an entity that is a domestic corporation or a foreign corporation qualified to do business in the Commonwealth, deliver to the Commission a written consent to service of process in any action or suit arising out of or in connection with said proposed acquisition through service of process on the Secretary of the Commonwealth.B\n\nUpon receipt of an application, the Commission shall notify the affected Virginia financial institution or Virginia financial institution holding company, and shall solicit the views of the affected Virginia financial institution or Virginia financial institution holding company. The application and all other information required by the Commission under this section, except such additional information as the Commission determines should be kept confidential, shall be held as part of the public records and made available to the public.C\n\nAn out-of-state bank holding company may acquire a Virginia bank holding company or a Virginia bank if: (i) the out-of-state bank holding company complies with the application requirements of subsection A and (ii) the Commission does not disapprove the application, after the investigation prescribed by § 6.2-705.","order_by":null,"text":{"0":{"id":251528,"text":"Except as provided in this chapter, no person shall acquire or make any public offer to acquire, directly or indirectly, control of a Virginia financial institution or a Virginia financial institution holding company, and no Virginia financial institution holding company shall acquire more than five percent of the voting shares of any Virginia financial institution or of any other Virginia financial institution holding company, unless it first shall:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":251529,"text":"File with the Commission an application in such form as the Commission may prescribe from time to time;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":251530,"text":"Deliver to the Commission such other information as the Commission may require with such certification of financial information and such verification by oath or affirmation of other data as the Commission may deem appropriate;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":251531,"text":"Pay such application fee as the Commission may prescribe from time to time; and","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":251532,"text":"Except in the case of an entity that is a domestic corporation or a foreign corporation qualified to do business in the Commonwealth, deliver to the Commission a written consent to service of process in any action or suit arising out of or in connection with said proposed acquisition through service of process on the Secretary of the Commonwealth.","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"B"},"5":{"id":251533,"text":"Upon receipt of an application, the Commission shall notify the affected Virginia financial institution or Virginia financial institution holding company, and shall solicit the views of the affected Virginia financial institution or Virginia financial institution holding company. The application and all other information required by the Commission under this section, except such additional information as the Commission determines should be kept confidential, shall be held as part of the public records and made available to the public.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A4","next_prefix":"C"},"6":{"id":251534,"text":"An out-of-state bank holding company may acquire a Virginia bank holding company or a Virginia bank if: (i) the out-of-state bank holding company complies with the application requirements of subsection A and (ii) the Commission does not disapprove the application, after the investigation prescribed by § 6.2-705.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"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}],"previous_section":{"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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-704\/","history_text":"

This law was first created in 1983. The record of its establishment is cataloged in chapter 194 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 1983 \u201cActs\u201d aren\u2019t available online. It has been modified 6 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 544; in 1985, chapter 604; in 1991, chapter 282; in 1994, chapter 351<\/a>; in 1998, chapter 231<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":57026,"section_number":"6.2-705","catch_line":"Investigation of application","order_by":null,"url":"\/6.2-705\/"}],"refers_to":[{"id":57026,"section_number":"6.2-705","catch_line":"Investigation of application","order_by":null,"url":"\/6.2-705\/"}],"permalink":{"id":265017,"object_type":"law","relational_id":69570,"identifier":"6.2-704","token":"6.2\/II\/7\/6.2-704","url":"\/6.2-704\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-704\/","token":"6.2\/II\/7\/6.2-704","dublin_core":{"Title":"Acquisition of interests in financial institutions and financial institution holding companies; application; notice; Commission approval required","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-704","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Except as provided in this chapter, no person<\/span> shall acquire or make any public offer to acquire, directly or indirectly, control of a Virginia financial institution<\/span> or a Virginia financial institution holding company<\/span><\/span>, and no Virginia financial institution holding company<\/span><\/span> shall acquire more than five percent of the voting shares of any Virginia financial institution<\/span> or of any other Virginia financial institution holding company<\/span><\/span>, unless it first shall: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> File with the Commission<\/span> an application in such form as the Commission<\/span> may prescribe from time to time; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Deliver to the Commission<\/span> such other information as the Commission<\/span> may require with such certification of financial information and such verification by oath<\/span> or affirmation of other data as the Commission<\/span> may deem appropriate; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Pay such application fee as the Commission<\/span> may prescribe from time to time; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Except in the case of an entity<\/span> that is a domestic corporation or a foreign corporation qualified to do business in the Commonwealth, deliver to the Commission<\/span> a written consent to service of process<\/span> in any action or suit arising out of or in connection with said proposed acquisition through service of process<\/span> on the Secretary of the Commonwealth. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Upon receipt of an application, the Commission<\/span> shall notify the affected Virginia financial institution<\/span> or Virginia financial institution holding company<\/span><\/span>, and shall solicit the views of the affected Virginia financial institution<\/span> or Virginia financial institution holding company<\/span><\/span>. The application and all other information required by the Commission<\/span> under this section, except such additional information as the Commission<\/span> determines should be kept confidential, shall be held as part of the public records and made available to the public. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> An out-of-state bank holding company<\/span> may acquire a Virginia bank holding company<\/span> or a Virginia bank if: (i) the out-of-state bank holding company<\/span> complies with the application requirements of subsection A and (ii) the Commission<\/span> does not disapprove the application, after the investigation prescribed by § 6.2-705<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nACQUISITION OF INTERESTS IN FINANCIAL INSTITUTIONS AND FINANCIAL INSTITUTION\nHOLDING COMPANIES; APPLICATION; NOTICE; COMMISSION APPROVAL REQUIRED (\u00a7\n6.2-704)\n\nA. Except as provided in this chapter, no person shall acquire or make any\npublic offer to acquire, directly or indirectly, control of a Virginia financial\ninstitution or a Virginia financial institution holding company, and no Virginia\nfinancial institution holding company shall acquire more than five percent of\nthe voting shares of any Virginia financial institution or of any other Virginia\nfinancial institution holding company, unless it first shall:\n\n 1. File with the Commission an application in such form as the Commission may\n prescribe from time to time;\n\n 2. Deliver to the Commission such other information as the Commission may\n require with such certification of financial information and such verification\n by oath or affirmation of other data as the Commission may deem appropriate;\n\n 3. Pay such application fee as the Commission may prescribe from time to time;\n and\n\n 4. Except in the case of an entity that is a domestic corporation or a foreign\n corporation qualified to do business in the Commonwealth, deliver to the\n Commission a written consent to service of process in any action or suit\n arising out of or in connection with said proposed acquisition through service\n of process on the Secretary of the Commonwealth.\n\nB. Upon receipt of an application, the Commission shall notify the affected\nVirginia financial institution or Virginia financial institution holding\ncompany, and shall solicit the views of the affected Virginia financial\ninstitution or Virginia financial institution holding company. The application\nand all other information required by the Commission under this section, except\nsuch additional information as the Commission determines should be kept\nconfidential, shall be held as part of the public records and made available to\nthe public.\n\nC. An out-of-state bank holding company may acquire a Virginia bank holding\ncompany or a Virginia bank if: (i) the out-of-state bank holding company\ncomplies with the application requirements of subsection A and (ii) the\nCommission does not disapprove the application, after the investigation\nprescribed by § 6.2-705.\n\nHISTORY: 1983, c. 194, \u00a7 6.1-383.1; 1985, c. 544, \u00a7 6.1-399; 1985, c. 604;\n1991, c. 282; 1994, c. 351; 1998, c. 231; 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}}