This bill proposes the addition of a new section, 31A-4-46, to the Code of West Virginia, which outlines the process for the merger of intrastate banks. It allows banks chartered in West Virginia that operate solely within the state to enter into business combinations with other similar entities, provided they receive approval from the commissioner and that the surviving institution is insured by the Federal Deposit Insurance Corporation (FDIC). The bill also stipulates that the resulting amendments to the charters of the surviving banks must be approved and filed with state officials, ensuring that all rights and properties of the merged institutions are transferred to the survivor without the need for additional deeds or transfers.

Additionally, the bill includes provisions for the enforcement of its regulations, stating that if a bank engages in a business combination or asset transfer not authorized under this section, the commissioner can issue a cease-and-desist order. The affected bank has the right to appeal this order in circuit court within 30 days. Overall, the bill aims to streamline the merger process for intrastate banks while ensuring regulatory compliance and consumer protection.

Statutes affected:
Introduced Version: 31A-4-46