On Apr. 29, 2025, WV LEG reported governor signed HB 2963, effective Jul. 10, 2025.
On Apr. 22, WV LEG passed bill on FDIC coverage following a merger.
WV LEG passed bill HB 2963 in regards to FDIC insurance following a bank merger.
Adds new WV FIN 31A-1-7 to ensure a survivor of a merger, reorganization, purchase, or assumption of liabilities of a bank chartered by West Virginia is insured by the FDIC.
Bill Provisions
Related to the sale or transfer of all or substantially all of a State bank’s assets.
Required that buyer or transferee be insured by Federal Deposit Insurance Corporation
Authorized interested persons to seek equitable relief to prohibit certain sales/transfers
Clarified that prohibition on sale or transfer of a WV State chartered bank to buyers or transferors that are not insured by FDIC does not apply in certain circumstances.
Legislative History
On Feb. 25, 2025, bill introduced in House; on Mar. 27, 2025, bill passed in House.
On Mar. 29, 2025, bill introduced in Senate; on Apr. 11, 2025, bill passed the Senate.
On Apr. 22, 2025, bill was sent to the governor; pending governor review and action.
Effectiveness
Upon approval, bill will come into effect 90 days from passage (Jul. 10, 2025).
Apr. 2025 WV LEG Governor Approval
On Apr. 29, 2025, WV LEG reported governor signed HB 2963, effective Jul. 10, 2025.
Regulators
WV LEG
Entity Types
Bank; SIFI; Thrift
Reference
Act, 4/29/2025; Bill HB2963, 4/22/2025; Citation: WV FIN 31A-1;
