Bill > SB574

This bill clarifies the requirements for out-of-state banks merging with or acquiring West Virginia banks, specifically focusing on the written confirmation, or attestation, that the out-of-state bank must provide to the state's banking commissioner. The bill amends existing law to ensure that an out-of-state bank, as long as it operates a branch in West Virginia, will adhere to all state laws, including consumer protection measures, maintain insured deposits in the state, and, if it becomes state-chartered, meet capital requirements. It also slightly modifies language referring to the state's legal framework from "chapter" to "code" for consistency. The legislation aims to provide clarity and streamline the process for interstate bank mergers and branching while maintaining regulatory oversight.

Budget and Finance, Business and Industry

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=574&year=2026&sessiontype=RS&btype=bill