                                 CODE OF VIRGINIA

ACQUISITIONS BY OUT-OF-STATE SAVINGS INSTITUTION (§ 6.2-1158)

A. Any out-of-state savings institution that is insured by the Federal Deposit
Insurance Corporation or other federal insurance agency, may acquire a Virginia
savings institution holding company or a Virginia savings institution with the
approval of the Commission. Such savings institution shall submit to the
Commission an application for approval of such acquisition, which application
may be approved if the Commission:

   1. Determines that the laws of the state in which the savings institution
   making the acquisition has its principal place of business do not prohibit or
   unfairly impede a Virginia savings institution meeting the criteria in this
   article from acquiring savings institutions or savings institution holding
   companies in that state;

   2. Determines that the laws of the state in which the savings institution
   making the acquisition has its principal place of business permit such savings
   institution to be acquired by the Virginia savings institution holding company
   or Virginia savings institution sought to be acquired;

   3. Determines that the Virginia savings institution sought to be acquired has
   been in existence and continuously operating for more than two years or that
   all of the Virginia savings institution subsidiaries of the Virginia savings
   institution holding company sought to be acquired have been in existence and
   continuously operating for more than two years. The Commission may approve the
   acquisition by a savings institution of all or substantially all of the shares
   of a savings institution organized solely for the purpose of facilitating the
   acquisition of a savings institution that has been in existence and
   continuously operating as a savings institution for more than two years; and

   4. Makes the acquisition subject to any conditions, restrictions, requirements
   or other limitations that would apply to the acquisition by a Virginia savings
   institution of a savings institution or savings institution holding company in
   the state where the savings institution making the acquisition has its
   principal place of business but that would not apply to the acquisition of a
   savings institution or savings institution holding company in such state by a
   savings institution located in that state.

B. An out-of-state savings institution that is insured by the Federal Deposit
Insurance Corporation or other federal insurance agency and that has previously
acquired a Virginia savings institution or Virginia savings institution holding
company may acquire any additional Virginia savings institution or Virginia
savings institution holding company with the approval of the Commission. Such
savings institution shall submit to the Commission an application for approval
of such acquisition, which application may be approved if the Commission:

   1. Determines that the Virginia savings institution sought to be acquired has
   been in existence and continuously operating for more than two years. The
   Commission may approve the acquisition by a savings institution of all or
   substantially all of the shares of a savings institution organized solely for
   the purpose of facilitating the acquisition of a savings institution that has
   been in existence and continuously operating as a savings institution for more
   than two years; and

   2. Makes the acquisition subject to any conditions, restrictions, requirements
   or other limitations that would apply to the acquisition by a Virginia savings
   institution of a savings institution or a savings institution holding company
   in the state where the savings institution making the acquisition has its
   principal place of business but that would not apply to the acquisition of a
   savings institution or a savings institution holding company in such state by
   a savings institution located in that state.

HISTORY: 1985, c. 425, § 6.1-194.98; 1986, c. 500; 1990, c. 3; 1994, c. 353;
2010, c. 794.