Section 10. Application

The applicant shall file its application to acquire a financial service center bank, pursuant to § 6.1-393 of the Code of Virginia, with the Bureau of Financial Institutions using the form prescribed by the Bureau. Upon receiving the completed application form and the $6,500 fee prescribed by law, and after ascertaining that an application to establish a state or national bank in Virginia has been duly filed and all necessary fees in connection therewith paid, the Bureau shall proceed to investigate the application (or, applications, if a state bank charter has been sought). The applicant shall furnish such additional information as the Bureau may reasonably require in furtherance of its investigation.

When it has accepted an application, the Bureau shall publish notice of the application in its "Weekly Information Bulletin." Every written objection to the application shall be filed in the Commission's Document Control Center. Should any party in interest submit a written request for a hearing on the application, an appropriate proceeding under the Rules of Practice and Procedure of the State Corporation Commission (5VAC5-20) will be established. If no request for a hearing is made within 20 days from the publication of notice of the application, the Bureau shall submit to the Commission its findings and recommendations upon completion of its investigation.

The Commission will consider in connection with the application for acquisition the criteria set forth in § 6.1-393 B of the Code of Virginia, viz: (i) the financial and managerial resources of the applicant; (ii) its future prospects and those of the bank whose assets or shares it will acquire; (iii) the financial history of the applicant; (iv) whether such acquisition or holding may result in undue concentration of resources or substantial lessening of competition in this Commonwealth; and (v) the convenience and needs of the public of this Commonwealth. The Commission will grant or deny the application on the basis of the record in the matter, stating its reason or reasons for denial of any such application.

Historical Notes

Derived from VR225-01-1401 §I, eff. July 1, 1983; amended July 1, 1988.

Statutory Authority

§§ 6.1-393 and 6.1-395 of the Code of Virginia.