This bill amends the Code of West Virginia to clarify the requirements for interstate bank mergers involving out-of-state banks acquiring West Virginia state-chartered banks. 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. A significant change is the introduction of a provision that permits the commissioner to adopt a rule to waive the acquisition deposit limitation for good cause, which is calculated based on the most recent deposit information available.

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 the bank meets capital requirements if it is state-chartered. The bill aims to enhance clarity regarding the attestation process required during interstate bank mergers.

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