2025 Regular Session
HB 2790
Relating to merging of intrastate banks
In Committee
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill outlines the process for intrastate banks in West Virginia to merge with other similar banks or sell their assets. It requires approval from the state’s banking commissioner and ensures the surviving institution remains insured by the Federal Deposit Insurance Corporation. The bill also establishes a procedure for the commissioner to prevent unauthorized mergers or asset sales.
Key provisions
- Intrastate banks can merge with other West Virginia-chartered banks under agreed-upon terms.
- Intrastate banks can sell all or substantially all of their assets to another West Virginia-chartered bank.
- The surviving institution after a merger must be insured by the FDIC.
- The commissioner must approve merger plans and share exchange plans.
- Capital stock of the surviving institution must meet applicable legal requirements.
- The commissioner can issue cease-and-desist orders to prevent unauthorized transactions.
- Appeals of commissioner orders must be filed within 30 days.
- The bill establishes a process for consolidating assets, liabilities, and interests of the merging institutions.
Who is affected
- Banks
- Savings Banks
- Savings and Loan Associations
- West Virginia Residents
- Federal Deposit Insurance Corporation
Notable changes
- Establishes a specific process for mergers and asset transfers of intrastate banks.
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