HB 2963
To ensure that the survivor of a merger, reorganization, purchase, or assumption of liabilities of a bank chartered by West Virginia is insured by the Federal Deposit Insurance Corporation
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill aims to protect West Virginia bank customers by requiring that any bank acquired or merged with another entity – including through a purchase or assumption of liabilities – must be covered by federal deposit insurance. If a West Virginia bank sells its assets and liabilities to an uninsured buyer, the state’s banking commissioner can seek legal action to prevent the transaction. The bill also includes provisions to clarify existing regulations and establish civil penalties for non-compliance.
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