This bill proposes the addition of a new section, 31A-1-7, to the Code of West Virginia, which clarifies the conditions under which a state-chartered bank may sell or transfer its assets and liabilities. Specifically, it mandates that any buyer or transferee must be insured by the Federal Deposit Insurance Corporation (FDIC). The bill also establishes the right for the Commissioner of the Board of Banking and Financial Institutions, as well as other interested parties, to seek equitable relief to prevent transactions that violate this requirement.

Additionally, the bill clarifies that the prohibition on acquisitions or transfers by unqualified buyers does not apply to agreements executed prior to the enactment of this section or to any subsequent amendments to those agreements. This ensures that existing transactions are not retroactively affected by the new regulations. Overall, the bill aims to enhance the safety and soundness of banking operations in West Virginia by ensuring that only FDIC-insured entities can acquire state-chartered banks.

Statutes affected:
Introduced Version: 31A-1-7