SB574

West Virginia SB574 allows interstate bank mergers and branching, with conditions on deposit control and compliance with state laws.

West Virginia SB574 amends the state code to permit interstate mergers and branching by banks, effective from May 31, 1997. It allows West Virginia banks to merge with out-of-state banks, with the resulting bank maintaining branches in West Virginia. The bill stipulates that such mergers must not result in the bank controlling deposits in excess of state limits. It also requires out-of-state banks to confirm compliance with state laws, including consumer protection laws, and to meet capital requirements. The commissioner has the authority to waive deposit limitations for good cause.