                                 CODE OF VIRGINIA

BANKERS&#8217; BANKS (§ 6.2-809)

A. A bank may be incorporated as provided in &#xA7; 6.2-808 for the purpose of
becoming a bankers&#8217; bank.

B. Except as specifically provided in this section or by regulation or order of
the Commission, a bankers&#8217; bank shall be vested with all of the powers and
subject to all of the restrictions imposed upon a bank.

C. Notwithstanding any other provision in this title to the contrary, a
bankers&#8217; 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 &#xA7; 6.2-700 or a savings institution holding company as defined in
&#xA7; 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&#8217;
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. A bankers&#8217; bank may form a bank holding company upon compliance with
the provisions of Chapter 7 (&#xA7; 6.2-700 et seq.) and any applicable federal
law.

E. A bankers&#8217; 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.

HISTORY: 1989, c. 650, § 6.1-6.1; 1996, c. 218; 2006, c. 633; 2010, c. 794.