Consumers Professionals        LICENSING        Depository     Bank Holding Company Bank Information Credit Union Information        Non-Depository INTERPRETIVE RULINGS STATUTES & REGULATIONS Research General Info	West Virginia Division of Banking One Players Club Drive Suite 300 Charleston, WV 25311-1638 Phone: (304) 558-2294 Fax: (304) 558-0442 Our regular Business hours are: 8:30am to 4:30pm M-F Eastern Std. PROFESSIONALS: Licensing: Depository: Bank Holding Company Information [ BHC Formation] [ BHC Acquisition] [ BHC Financial Services] WEST VIRGINIA BANK HOLDING COMPANY AND FINANCIALLY RELATED SERVICES INFORMATION BANK HOLDING COMPANY Bank holding company activity in West Virginia is governed under the West Virginia Code §31A-8A-1 et seq. The West Virginia State Code may be found at www.legis.state.wv.us. Except as otherwise expressly permitted by federal law, no company may form a West Virginia bank holding company or acquire a West Virginia state bank or a bank holding company controlling a West Virginia state chartered bank without the prior application and approval by Order of the West Virginia Board of Banking and Financial Institutions. INFORMATION FOR TRANSACTIONS IN WHICH AN APPLICATION MAY NOT BE REQUIRED Applications may not be required before the West Virginia Board of Banking and Financial Institutions for transactions involving: the acquisition or change in control of a national bank located in West Virginia, a West Virginia bank holding company controlling only national banks, or a national bank branch located in West Virginia by a bank holding company, the formation of a West Virginia bank holding company involving national banks only or the acquisition of a thrift institution in West Virginia by a bank holding company for which an application to the board for approval is not initially required under law, the establishment of a denovo branch bank under expedited procedutes set forth in Chapter 31A, Article 8, Section 12d. The party seeking the action shall give written notice to the West Virginia Commissioner of Banking at the time the application or notice is filed with the responsible federal bank supervisory agency and at least 45 before the effective date of the acquisition, unless a shorter period of notice is required under applicable federal law. In addition, the parties shall provide the West Virginia Commissioner of Banking copies of all final federal and state applications filed in connection with the transaction together with a $250 filing fee. Unless preempted by federal law, the commissioner shall have 30 days from receipt of the written notice to object to any proposed transaction, require an application and request a hearing before the West Virginia Board of Banking and Financial Institutions on the basis that the transaction is contrary to applicable West Virginia law. The failure to object within 30 days shall be construed as consent by the commissioner, or, in his or her discretion, the commissioner may, at any time, consent in writing. TRANSACTIONS REQUIRING AN APPLICATION Applications involving a West Virginia State Chartered Bank which require application before the West Virginia Board of Banking and Financial Institutions: Bank Holding Company Formation involving a West Virginia State Chartered Bank Acquisitions of a Bank or Bank Holding Company involving a West Virginia State Chartered Bank or Bank Holding Company owning a West Virginia State Chartered Bank FINANCIALLY RELATED SERVICES Subject to the prior approval of the Commissioner of Banking, any West Virginia state-chartered banking institution or bank holding company headquartered in this state may, either through equity investment in other entities or through a wholly owned subsidiary or subsidiaries, or by contract or agreement with others to provide such products or services, engage in any activity, exercise any power or offer any product or service that is financially related. A state-chartered banking institution may engage in a financially related activity directly and not through an operating subsidiary, financial subsidiary or affiliate if it is permissible for a national bank to engage in the financially related activity directly. ©1999 West Virginia Division of Banking. All Rights Reserved.