Virginia appears to be the first state in the nation to allow entire boards of directors of its state banks to reside in other states.

"We were the first state in the country to opt in to Riegle-Neal, so this was the next step in implementing that strategy - of hopefully making Virginia a place where banks would want to domicile," said Michael L. Toalson, senior vice president of government relations for the Virginia Bankers Association.

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