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ESTABLISHMENT OF A BRANCH BANKING OFFICE THROUGH THE PURCHASE OF ASSETS AND ASSUMPTION OF LIABILITIES

WEST VIRGINIA STATE BANKING CODE CHAPTER 31A, ARTICLE 8, SECTION 12, sets forth the requirements and procedure for the establishment of a branch bank by the purchase of assets and assumption of liabilities.

No state banking institution may establish a branch bank using this method until the West Virginia Board of Banking and Financial Institutions enters an order approving an application for that branch bank.

The order shall be accompanied by findings of fact that:

• The applicant satisfies such reasonable and appropriate requirements as to sound financial condition;
• The establishment of the proposed branch bank would not result in a monopoly, nor be in furtherance of any combination or conspiracy to monopolize the business of banking in the state;
• The establishment of the proposed branch bank would not have the effect in any section of the state of substantially lessening competition, nor tend to create a monopoly or in any other manner be in restraint of trade, unless the anticompetitive effects of the establishment of the branch are clearly outweighed in the public interest by the probable effect of the establisment of the branch in meeting the convenience and needs of the community to be served;
• The applicant meets a satisfactory standard of compliance with federal and state community reinvestment act requirements as evidenced by its most recent state or federal examination;
• The applicant meets a satisfactory standard of compliance with federal and state consumer compliance law and regulations as evidenced by its most recent state of federal regulatory examination; and
• The applicant meets acceptable standards for investment in premises and fixed assets as permitted by Chapter 31A, Article 4, Section 13 of the WV Code.

The following document is available to provide information for establishing a branch through the purchase of assets and the assumption of liablilties.
These documents are viewable with Microsoft Word Viewer or Adobe Acrobat.   

Process to be Followed by P & A Branch  Applicants
		(Acrobat Reader 5.0)			(Word 97)

Under Legislative Rule 106 CSR 12, all applications shall include the current Community Reinvestment Act policy statement required pursuant to the Federal Community Reinvestment Act of 1977 and related regulations issued thereunder. For all applications requiring approval the applicants shall, in conjunction with public notice and publication requirements of the Federal Reserve Board or Federal Deposit Insurance Corporation, include in the notice the following statement:

For federal filing requirements, you may contact the Atlanta Regional Office of the Federal Deposit Insurance Corporation at (404) 817-1300 or the appropriate Federal Reserve Bank if the bank is a member of the Federal Reserve System.

The West Virginia Board of Banking and Financial Institutions meets quarterly on the second Monday in March, June, September and December to take action on pending applications. In order to be considered, applications must be submitted for review by the staff approximately 45 days but no more than 90 days prior to the next scheduled Board meeting

If you have any questions, you may contact Dawn Holstein at dholstein@wvdob.org