The bill amends and reenacts section 31A-8D-4 of the Code of West Virginia, which governs interstate bank mergers and branching. It allows West Virginia banks to engage in merger transactions with out-of-state banks, provided that they meet specific conditions and filing requirements. The bill clarifies that a merger transaction is not permitted if the resulting bank would control deposits in West Virginia beyond the limits set by existing law. Additionally, the commissioner has the authority to adopt rules to waive this deposit limitation for good cause.

Furthermore, the bill stipulates that an 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, ensure that deposits are insured according to state provisions, and meet capital requirements if it is state-chartered. This legislative change aims to enhance transparency and regulatory compliance in interstate banking activities involving West Virginia banks.

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