                                 CODE OF VIRGINIA

OFFICES AND OTHER FACILITIES OF STATE AND FOREIGN SAVINGS INSTITUTIONS; APPROVAL
OF BRANCH OFFICES REQUIRED (§ 6.2-1133)

A. A state savings institution may establish and operate such offices and other
facilities as are authorized by its board of directors. A state savings
institution shall not establish a branch office or other office or facility
where deposits are accepted without obtaining the prior approval of the
Commission as provided in subsection B. Prior to establishing or permanently
closing any office or other facility, a state association shall give at least 30
days&#8217; written notice to the Commissioner, in such form as may be
prescribed by the Commissioner. Prior to establishing, relocating, or
permanently closing any office or other facility of the savings bank or any of
its affiliates, a savings bank shall give at least 30 days&#8217; written notice
to the Commissioner, in such form as may be prescribed by the Commissioner. A
savings institution shall also give written notice to the Commission, in such
form as may be prescribed by the Commission, within 10 days after it has
established or permanently closed an office or other facility, and if the
institution is a savings bank, it shall give such written notice to the
Commission within 10 days after it has relocated any such office or other
facility.

B. Applications for authorization to establish a branch office or other office
or facility where deposits are accepted shall be made in writing, in such form
as may be prescribed by the Commission. Upon review of a savings
institution&#8217;s application and any other information that the Commission
may reasonably require, the Commission shall approve the establishment of such
office or facility if it is satisfied that the public interest will be served
thereby and, if the applicant is a savings bank, that it has sufficient capital
to warrant additional expansion. Such offices or facilities may be closed
without the prior approval of the Commission. However, written notice of the
closing of such an office shall be given to the Commissioner as provided in
subsection A.

C. The requirements of subsections A and B shall also apply to the establishment
and closing of the offices of a foreign savings institution authorized to
transact business in the Commonwealth.

HISTORY: Code 1950, § 6-201.41; 1960, c. 402; 1966, c. 584, § 6.1-171; 1970,
c. 397; 1972, c. 796, § 6.1-195.48; 1976, c. 658; 1978, c. 683; 1985, c. 425,
§ 6.1-194.26; 1991, c. 230, § 6.1-194.119; 2010, c. 794.