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WV HB2963
Bill
Status
4/12/2025
Primary Sponsor
Vernon Criss
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AI Summary
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West Virginia state-chartered banks may only sell or transfer all or substantially all of their assets and liabilities to buyers or transferees that are insured by the Federal Deposit Insurance Corporation (FDIC)
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The restriction applies to mergers, reorganizations, purchases, assumptions, or similar business combinations involving state banks
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Agreements originally executed before the bill's enactment date are exempt from the FDIC insurance requirement, including subsequent amendments to those agreements
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Interested parties, including banks and bank holding companies authorized to do business in West Virginia, may seek equitable relief such as injunctions or restraining orders to enforce compliance
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Effective July 10, 2025 (90 days after passage on April 11, 2025)
Legislative Description
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
Corporations
Last Action
Approved by Governor 4/29/2025 - House Journal
4/12/2025