{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-809.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-809.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-809.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-809.html"}],"law_id":64462,"edition_id":1,"section_id":64462,"structure_id":15203,"section_number":"6.2-809","catch_line":"Bankers’ banks","history":"1989, c. 650, \u00a7 6.1-6.1; 1996, c. 218; 2006, c. 633; 2010, c. 794.","full_text":"A\n\nA bank may be incorporated as provided in § 6.2-808 for the purpose of becoming a bankers’ bank.B\n\nExcept as specifically provided in this section or by regulation or order of the Commission, a bankers’ bank shall be vested with all of the powers and subject to all of the restrictions imposed upon a bank.C\n\nNotwithstanding any other provision in this title to the contrary, a bankers’ bank shall only accept deposits from or make loans to (i) a financial institution which has or is eligible for insurance of deposits by a federal agency, (ii) a bank in organization that has applied for insurance of deposits by a federal agency, (iii) a financial institution holding company as defined in § 6.2-700 or a savings institution holding company as defined in § 6.2-1100 owning an entity described in clause (i) or (ii), (iv) the officers, directors and employees of any such financial institution, bank in organization or holding company, (v) any person referred to a bankers’ bank by a financial institution or by a bank in organization that has applied for insurance of deposits by a federal agency, or (vi), with the prior approval of the Commissioner and subject to such conditions as the Commissioner may impose, other persons.D\n\nA bankers’ bank may form a bank holding company upon compliance with the provisions of Chapter 7 (§ 6.2-700 et seq.) and any applicable federal law.E\n\nA bankers’ bank may purchase investments or securities of governments or private corporations which are traded on the open market such as are authorized to any other bank organized under the provisions of this chapter.","order_by":null,"text":{"0":{"id":234585,"text":"A bank may be incorporated as provided in § 6.2-808 for the purpose of becoming a bankers’ bank.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":234586,"text":"Except as specifically provided in this section or by regulation or order of the Commission, a bankers’ bank shall be vested with all of the powers and subject to all of the restrictions imposed upon a bank.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":234587,"text":"Notwithstanding any other provision in this title to the contrary, a bankers’ bank shall only accept deposits from or make loans to (i) a financial institution which has or is eligible for insurance of deposits by a federal agency, (ii) a bank in organization that has applied for insurance of deposits by a federal agency, (iii) a financial institution holding company as defined in § 6.2-700 or a savings institution holding company as defined in § 6.2-1100 owning an entity described in clause (i) or (ii), (iv) the officers, directors and employees of any such financial institution, bank in organization or holding company, (v) any person referred to a bankers’ bank by a financial institution or by a bank in organization that has applied for insurance of deposits by a federal agency, or (vi), with the prior approval of the Commissioner and subject to such conditions as the Commissioner may impose, other persons.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":234588,"text":"A bankers’ bank may form a bank holding company upon compliance with the provisions of Chapter 7 (§ 6.2-700 et seq.) and any applicable federal law.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":234589,"text":"A bankers’ bank may purchase investments or securities of governments or private corporations which are traded on the open market such as are authorized to any other bank organized under the provisions of this chapter.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":15203,"edition_id":1,"name":"Incorporation and Powers","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":13791,"metadata":{},"date_created":"2026-06-26 03:52:57","date_modified":"2026-06-26 03:52:57","permalink":{"id":265377,"object_type":"structure","relational_id":15203,"identifier":"2","token":"6.2\/II\/8\/2","url":"\/6.2\/II\/8\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13791,"edition_id":1,"name":"Banks","identifier":"8","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:53","date_modified":"2026-06-26 03:45:53","permalink":{"id":265065,"object_type":"structure","relational_id":13791,"identifier":"8","token":"6.2\/II\/8","url":"\/6.2\/II\/8\/","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":57883,"structure_id":15203,"section_number":"6.2-808","catch_line":"Incorporation; corporate powers","url":"\/6.2-808\/","token":"6.2\/II\/8\/2\/6.2-808","metadata":false},{"id":64462,"structure_id":15203,"section_number":"6.2-809","catch_line":"Bankers' banks","url":"\/6.2-809\/","token":"6.2\/II\/8\/2\/6.2-809","metadata":false},{"id":66337,"structure_id":15203,"section_number":"6.2-810","catch_line":"Effect of chapter on charter powers","url":"\/6.2-810\/","token":"6.2\/II\/8\/2\/6.2-810","metadata":false},{"id":71469,"structure_id":15203,"section_number":"6.2-811","catch_line":"Membership in Federal Reserve Bank System or Federal Home Loan Bank System","url":"\/6.2-811\/","token":"6.2\/II\/8\/2\/6.2-811","metadata":false},{"id":61874,"structure_id":15203,"section_number":"6.2-812","catch_line":"Inspection of records, reports, and information of insured banks","url":"\/6.2-812\/","token":"6.2\/II\/8\/2\/6.2-812","metadata":false},{"id":61122,"structure_id":15203,"section_number":"6.2-813","catch_line":"Participation by banks in school thrift or savings plans","url":"\/6.2-813\/","token":"6.2\/II\/8\/2\/6.2-813","metadata":false},{"id":78611,"structure_id":15203,"section_number":"6.2-814","catch_line":"Powers of banks","url":"\/6.2-814\/","token":"6.2\/II\/8\/2\/6.2-814","metadata":false},{"id":70892,"structure_id":15203,"section_number":"6.2-815","catch_line":"Suspension of business during emergency","url":"\/6.2-815\/","token":"6.2\/II\/8\/2\/6.2-815","metadata":false},{"id":72786,"structure_id":15203,"section_number":"6.2-816","catch_line":"Banks to obtain certificate of authority","url":"\/6.2-816\/","token":"6.2\/II\/8\/2\/6.2-816","metadata":false},{"id":77490,"structure_id":15203,"section_number":"6.2-817","catch_line":"Capital stock subscriptions","url":"\/6.2-817\/","token":"6.2\/II\/8\/2\/6.2-817","metadata":false},{"id":70515,"structure_id":15203,"section_number":"6.2-818","catch_line":"Repealed","url":"\/6.2-818\/","token":"6.2\/II\/8\/2\/6.2-818","metadata":false},{"id":60477,"structure_id":15203,"section_number":"6.2-818.1","catch_line":"Virtual currency custody services by banks","url":"\/6.2-818.1\/","token":"6.2\/II\/8\/2\/6.2-818.1","metadata":false}],"previous_section":{"id":57883,"structure_id":15203,"section_number":"6.2-808","catch_line":"Incorporation; corporate powers","url":"\/6.2-808\/","token":"6.2\/II\/8\/2\/6.2-808","metadata":false},"next_section":{"id":66337,"structure_id":15203,"section_number":"6.2-810","catch_line":"Effect of chapter on charter powers","url":"\/6.2-810\/","token":"6.2\/II\/8\/2\/6.2-810","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-809\/","history_text":"

This law was first created in 1989. The record of its establishment is cataloged in chapter 650 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 1989 \u201cActs\u201d aren\u2019t available online. It has been modified 3 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 1996, chapter 218<\/a>; in 2006, chapter 633<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":[{"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":[{"id":68689,"section_number":"6.2-1100","catch_line":"Definitions","order_by":null,"url":"\/6.2-1100\/"},{"id":75055,"section_number":"6.2-700","catch_line":"Definitions","order_by":null,"url":"\/6.2-700\/"},{"id":57883,"section_number":"6.2-808","catch_line":"Incorporation; corporate powers","order_by":null,"url":"\/6.2-808\/"}],"permalink":{"id":265383,"object_type":"law","relational_id":64462,"identifier":"6.2-809","token":"6.2\/II\/8\/2\/6.2-809","url":"\/6.2-809\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-809\/","token":"6.2\/II\/8\/2\/6.2-809","dublin_core":{"Title":"Bankers’ banks","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-809","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A bank<\/span> may be incorporated as provided in § 6.2-808<\/a> for the purpose of becoming a bankers’ bank<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Except as specifically provided in this section or by regulation or order<\/span> of the Commission<\/span>, a bankers’ bank<\/span> shall be vested with all of the powers and subject to all of the restrictions imposed upon a bank<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Notwithstanding any other provision in this title to the contrary, a bankers’ bank<\/span> shall only accept deposits from or make loans to (i) a financial institution<\/span> which has or is eligible for insurance of deposits by a federal agency, (ii) a bank<\/span> in organization that has applied for insurance of deposits by a federal agency, (iii) a financial institution<\/span> holding company as defined in § 6.2-700<\/a> or a savings institution holding company as defined in § 6.2-1100<\/a> owning an entity<\/span> described in clause (i) or (ii), (iv) the officers, directors and employees of any such financial institution<\/span>, bank<\/span> in organization or holding company, (v) any person<\/span> referred to a bankers’ bank<\/span> by a financial institution<\/span> or by a bank<\/span> in organization that has applied for insurance of deposits by a federal agency, or (vi), with the prior approval of the Commissioner<\/span> and subject to such conditions as the Commissioner<\/span> may impose, other persons<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> A bankers’ bank may form a bank holding company<\/span> upon compliance with the provisions of Chapter 7 (§ 6.2-700<\/a> et seq.) and any applicable federal law<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> A bankers’ bank may purchase investments or securities of governments or private corporations which are traded on the open market such as are authorized to any other bank organized under the provisions of this chapter. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBANKERS’ BANKS (\u00a7 6.2-809)\n\nA. A bank may be incorporated as provided in § 6.2-808 for the purpose of\nbecoming a bankers’ bank.\n\nB. Except as specifically provided in this section or by regulation or order of\nthe Commission, a bankers’ bank shall be vested with all of the powers and\nsubject to all of the restrictions imposed upon a bank.\n\nC. Notwithstanding any other provision in this title to the contrary, a\nbankers’ bank shall only accept deposits from or make loans to (i) a\nfinancial institution which has or is eligible for insurance of deposits by a\nfederal agency, (ii) a bank in organization that has applied for insurance of\ndeposits by a federal agency, (iii) a financial institution holding company as\ndefined in § 6.2-700 or a savings institution holding company as defined in\n§ 6.2-1100 owning an entity described in clause (i) or (ii), (iv) the\nofficers, directors and employees of any such financial institution, bank in\norganization or holding company, (v) any person referred to a bankers’\nbank by a financial institution or by a bank in organization that has applied\nfor insurance of deposits by a federal agency, or (vi), with the prior approval\nof the Commissioner and subject to such conditions as the Commissioner may\nimpose, other persons.\n\nD. A bankers’ bank may form a bank holding company upon compliance with\nthe provisions of Chapter 7 (§ 6.2-700 et seq.) and any applicable federal\nlaw.\n\nE. A bankers’ bank may purchase investments or securities of governments\nor private corporations which are traded on the open market such as are\nauthorized to any other bank organized under the provisions of this chapter.\n\nHISTORY: 1989, c. 650, \u00a7 6.1-6.1; 1996, c. 218; 2006, c. 633; 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}}