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 involved in such transactions must be insured by the Federal Deposit Insurance Corporation (FDIC). The bill also establishes 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.

Furthermore, the bill grants the Commissioner of the Board of Banking and Financial Institutions, as well as interested parties, the right to seek equitable relief to prevent prohibited transactions. This includes the ability to apply for injunctions or restraining orders in designated courts if a transaction is deemed to violate the new provisions. Overall, the bill aims to enhance the regulatory framework governing bank transactions in West Virginia, ensuring that only FDIC-insured entities can acquire state-chartered banks.

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