West Virginia Code 31A-8E-4 – Interstate branching by out-of-state banks through de novo entry or acquisition of branches in West Virginia
Beginning on May 31, 1997, an out-of-state bank that does not operate a branch in this state and that meets the requirements of this article may establish and maintain a de novo branch in this state, and may also establish and maintain a branch in this state through the acquisition of a branch: Provided, That branches may be so established in West Virginia by out-of-state banks only if the laws of the home state of the out-of-state bank permit West Virginia state banks to establish and maintain de novo branches or to acquire and maintain branches, as applicable, under substantially the same terms and conditions as set forth in this article. If the law of the other state restricts such entry by a West Virginia state bank to that other state, then the board may similarly limit the authority granted by this article for banks having their main office located in that state.
Terms Used In West Virginia Code 31A-8E-4
- Acquisition of a branch: means the acquisition of a branch located in a host state, without either engaging in an "interstate merger transaction" as defined in article eight-d of this chapter or acquiring all or substantially all of the assets of another bank by merger or purchase. See West Virginia Code 31A-8E-2
- Bank: has the meaning set forth in 12 U. See West Virginia Code 31A-8E-2
- Board: means the West Virginia Board of Banking and Financial Institutions. See West Virginia Code 31A-1-2
- Branch: has the meaning set forth in subsection (f), section two, article one of this chapter. See West Virginia Code 31A-8E-2
- De novo branch: means a branch of a bank located in a host state which: (i) Is originally established by the bank as a branch. See West Virginia Code 31A-8E-2
- Home state: means :
(1) With respect to a state bank, the state by which the bank is chartered. See West Virginia Code 31A-8E-2
- Out-of-state bank: means a bank whose home state is a state other than West Virginia. See West Virginia Code 31A-8E-2
- State: means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, the Virgin Islands and American Samoa. See West Virginia Code 31A-8E-2
- West Virginia state bank: means a bank chartered under the laws of West Virginia. See West Virginia Code 31A-8E-2