                                 CODE OF VIRGINIA

DEFINITIONS (§ 6.2-800)

As used in this chapter, unless the context requires a different meaning:
		&#8220;Bank&#8221; means a corporation authorized by statute to accept
deposits and to hold itself out to the public as engaged in the banking business
in the Commonwealth.
		&#8220;Bankers&#8217; bank&#8221; means a bank whose shares are owned
exclusively by either (i) financial institutions that have or are eligible for
insurance of deposits by a federal agency or (ii) financial institution holding
companies as defined in § 6.2-700 or savings institution holding companies as
defined in § 6.2-1100 owning any financial institution described in clause (i),
provided that no such financial institution or holding company owns, directly or
indirectly, more than five percent of the issued and outstanding voting shares
of any bankers&#8217; bank.
		&#8220;Bank holding company&#8221; means any corporation (i) that directly or
indirectly owns, controls, or holds with power to vote, 25 percent or more of
the voting shares of one or more banks or of a corporation that is or becomes a
bank holding company by virtue of this definition, (ii) that controls in any
manner the election of a majority of the directors of one or more banks, or
(iii) for the benefit of whose shareholders or members 25 percent or more of the
voting shares of one or more banks or bank holding companies is held by
trustees. For the purpose of this definition, any successor to any such
corporation shall be deemed to be a bank holding company from the date as of
which such successor corporation becomes a bank holding company. Notwithstanding
the foregoing, (a) a bank shall not be a bank holding company by virtue of its
ownership or control of shares in a fiduciary capacity except where such shares
are held for the benefit of the shareholders of such banks, (b) a corporation
shall not be a bank holding company by virtue of its ownership or control of its
shares acquired by it in connection with its underwriting of securities and
which are held only for such period of time as will permit the sale thereof upon
a reasonable basis, (c) a corporation formed for the sole purpose of
participating in a proxy solicitation shall not be a bank holding company by
virtue of its control of voting rights or shares acquired in the course of such
solicitation, and (d) a corporation shall not be a bank holding company if at
least 80 percent of its total assets are composed of holdings in the field of
agriculture.
		&#8220;Community and economic development entity&#8221; has the meaning
assigned to it in 12 C.F.R. § 24.2.
		&#8220;Community-based economic development&#8221; means activities that (i)
seek to address economic development through affordable housing development or
the rehabilitation of qualified rehabilitated buildings or certified historic
structures or (ii) seek to address economic causes of poverty in specific
geographic areas by revitalizing the economic and social base of low-income
communities through activities that include (a) small business and
micro-enterprise support; (b) commercial, industrial, and retail revitalization,
retention, and expansion; (c) capacity development and technical assistance
support for community development corporations; (d) employment and training
efforts; (e) human resource development; and (f) social service enterprises.
		&#8220;Community development corporation&#8221; means a private, nonprofit
corporation whose board of directors is composed primarily of community
representatives or business, civic, and community leaders and whose principal
purpose includes the provision of housing, community-based economic development
projects, and social services that primarily benefit low-income individuals and
communities.
		&#8220;Community development project&#8221; has the meaning assigned to it in
12 C.F.R. § 24.2.
		&#8220;FDIC&#8221; means the Federal Deposit Insurance Corporation.
		&#8220;International banking facility&#8221; means a set of assets and
liability accounts segregated on the books and records of the bank, or an
adjacent or other subsidiary that includes only international banking facility
time deposits and international banking facility extensions of credit. The
facility may either be located within Virginia or outside the territorial United
States. &#8220;International banking facility&#8221; has the meaning assigned to
it by the laws of the United States or the regulations of the Board of Governors
for the Federal Reserve System.
		&#8220;Public welfare investment&#8221; means any investment permitted by 12
C.F.R. § 24.3.
		&#8220;Rural business investment company&#8221; means a company that has been
granted final approval by the U.S. Secretary of Agriculture and has entered a
participation agreement with the Secretary under 7 U.S.C. § 2009cc-3(e).
		&#8220;State bank&#8221; means a bank incorporated under the laws of the
Commonwealth and that has its principal place of business in the Commonwealth.
		&#8220;Tax equity finance transaction&#8221; has the meaning assigned to it in
12 C.F.R. § 7.1025(b).
		&#8220;Trust business&#8221; has the meaning assigned to it in § 6.2-1000.
		&#8220;Trust company&#8221; has the meaning assigned to it in § 6.2-1000.

HISTORY: Code 1950, §§ 6-6, 6-27.1, 6-66; 1962, c. 404; 1966, c. 584, §§
6.1-4, 6.1-80; 1974, c. 665; 1982, c. 411; 1983, c. 453, § 6.1-11.2; 1987, c.
556; 1989, cc. 376, 650, § 6.1-6.1; 1993, cc. 182, 432; 1994, c. 7; 1996, cc.
218, 306; 2006, c. 633; 2010, c. 794; 2023, cc. 543, 544.