This bill amends the Code of West Virginia to clarify the regulations surrounding interstate bank mergers, specifically when an out-of-state bank acquires a West Virginia state-chartered bank. It allows West Virginia banks to engage in interstate merger transactions with out-of-state banks, provided that certain conditions and filing requirements are met. The bill also establishes that a merger will not be permitted if the resulting bank would control deposits in West Virginia beyond the limits set by existing law, although the commissioner has the authority to waive this limitation for good cause.

Additionally, the bill requires that any out-of-state bank acquiring a West Virginia state bank or its branches must confirm in writing to the commissioner that it will comply with all applicable state laws, including consumer protection laws, and that its deposits will be insured according to state provisions. The language in the bill updates existing legal references from "chapter" to "code" and modifies the requirements for the out-of-state bank's written confirmation to ensure clarity in the merger process.

Statutes affected:
Introduced Version: 31A-8D-4