                                 CODE OF VIRGINIA

ACQUISITION OF INTERESTS IN FINANCIAL INSTITUTIONS AND FINANCIAL INSTITUTION
HOLDING COMPANIES; APPLICATION; NOTICE; COMMISSION APPROVAL REQUIRED (§
6.2-704)

A. 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:

   1. File with the Commission an application in such form as the Commission may
   prescribe from time to time;

   2. 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;

   3. Pay such application fee as the Commission may prescribe from time to time;
   and

   4. 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.

B. 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.

C. 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 &#xA7; 6.2-705.

HISTORY: 1983, c. 194, § 6.1-383.1; 1985, c. 544, § 6.1-399; 1985, c. 604;
1991, c. 282; 1994, c. 351; 1998, c. 231; 2010, c. 794.