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 specifies that an out-of-state bank must confirm in writing to the commissioner that it will comply with all applicable West Virginia laws, including consumer protection laws, as long as it maintains a branch in the state. It also ensures that deposits of the resulting bank are insured according to state provisions and that any state-chartered resulting bank meets the necessary capital requirements. The amendments include the replacement of the term "chapter" with "code" in several instances to enhance clarity.

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