Virginia Code 6.2-838: Interstate branching.
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An out-of-state bank that does not already maintain a branch in the Commonwealth and that meets the requirements of this article may establish and maintain a de novo branch in the Commonwealth.
Terms Used In Virginia Code 6.2-838
- Bank: has the meaning assigned to it in Virginia Code 6.2-836
- De novo branch: means a branch of a bank located in a host state which (i) is originally established by the bank as a branch and (ii) does not become a branch of the bank as a result of the acquisition of another bank or a branch of another bank, or the merger, consolidation, or conversion of any such bank or branch. See Virginia Code 6.2-836