West VirginiaWest Virginia bank mergers must meet state rules
West Virginia bank mergers with out-of-state banks must meet state rules, and some takeovers require written promises to follow those rules.
What it does
The law permits West Virginia banks to merge with out-of-state banks under this article, but a merger generally cannot push the resulting bank and its insured affiliates over the state deposit limit.
For certain takeovers or changes in control of West Virginia bank branches, an out-of-state bank must promise in writing to follow state laws and keep deposits insured. A state-chartered resulting bank must also meet state capital rules.
Argument forCustomers could benefit when an out-of-state bank promises to follow state consumer protection laws while it operates a West Virginia branch.
Argument againstA merger could be blocked if the resulting bank and its affiliates would exceed the state deposit limit, even when the banks want to merge.
More detail
The law permits West Virginia banks to merge with out-of-state banks under this article, subject to its conditions and filing rules. This applies to interstate mergers involving one or more West Virginia banks and out-of-state banks. The resulting bank may not exceed the state deposit limit, counting deposits held by its insured bank affiliates. The commissioner may adopt a procedure to waive that limit for good cause. The section applies beginning May 31, 1997.
An out-of-state bank must confirm in writing that it will meet specified requirements. This applies when an out-of-state bank acquires a West Virginia state bank, all or nearly all of its branches, or control of a branch operating in West Virginia. The bank must confirm that it will follow applicable West Virginia laws, including consumer protection laws, and keep deposits insured under state law. If the resulting bank has a state charter, it must meet state capital requirements. The written confirmation is required for the transaction to be permitted. The promises apply as long as the bank maintains a branch in West Virginia.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Jun 25Chapter 54, Acts, Regular Session, 2026Latest
- Mar 25Approved by Governor Patrick Morrisey 3/25/2026Major
- Mar 18To Governor 3/18/2026To Governor
- Mar 14Approved by Governor Patrick Morrisey 3/25/2026 - House JournalMajor
- Mar 14Approved by Governor Patrick Morrisey 3/25/2026 - Senate JournalBecame Law
- Mar 14To Governor 3/18/2026 - Senate JournalMinor
- Mar 13House Message received
- Mar 12Completed legislative action
- Vote recorded PASSAGE. Result: pass.Lower
- Mar 12Communicated to Senate
- Mar 12Passed House (Roll No. 427)Passed House
- Mar 12Read 3rd timeMinor
- Mar 12On 3rd reading, Special Calendar
- Mar 11Read 2nd timeMinor
- Mar 11On 2nd reading, Special Calendar
- Mar 10Read 1st timeMinor
- Mar 10Immediate consideration
- Mar 10Do pass
- Feb 4To House FinanceMinor
- Feb 4To FinanceMinor
- Feb 4Introduced in HouseMinor
- Feb 4House received Senate message
- Feb 3Ordered to House
- Vote recorded Passage. Result: pass.Upper
- Feb 3Passed Senate (Roll No. 39)Passed Senate
- Feb 3Read 3rd timeMinor
- Feb 3On 3rd reading
- Feb 2Read 2nd timeMinor
- Feb 2On 2nd reading
- Jan 30Read 1st timeMinor
- Jan 30On 1st reading
- Jan 29Reported do passMinor
- Jan 22To Banking and InsuranceMinor
- Jan 22Introduced in SenateMinor
- Jan 22To Banking and InsuranceMinor
- Jan 22Filed for introductionIntroduced
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