WV SB665

West Virginia state-chartered banks may only sell or transfer all or substantially all assets and liabilities to buyers or transferees that are insured by the Federal Deposit Insurance Corporation (FDIC)

The Commissioner of the Board of Banking and Financial Institutions is required to seek equitable relief, including injunctions, to prevent prohibited transactions with non-FDIC-insured buyers

Interested parties, including other West Virginia banks and bank holding companies, may also seek injunctive relief in Kanawha County Circuit Court, their local circuit court, or federal court

The FDIC insurance requirement does not apply to agreements originally executed before the bill's enactment date, including any subsequent amendments to those agreements

Existing authority of the Board and Commissioner over bank acquisitions and holding companies under current state code remains unchanged