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Can you summarize WVCO Chapter 31A, Article 8A?
BANKS AND BANKING. > ACQUISITIONS OF BANKS BY BANK HOLDING COMPANIES.
Short Summary
This legal document, part of the West Virginia Code, governs the acquisitions of banks by bank holding companies. It defines the term ‘acquire’ and outlines various actions that constitute an acquisition, such as merging or consolidating with a bank holding company, assuming ownership or control of voting shares, or acquiring the assets of a bank holding company or a bank. The document also provides definitions for terms like ‘affiliate,’ ‘bank,’ ‘bank holding company,’ and ‘company.’ It references the Bank Holding Company Act and defines ‘control’ in line with that act. Additionally, it defines terms related to deposits, depository institutions, foreign bank holding companies, out-of-state bank holding companies, and West Virginia bank holding companies. The document also mentions the role of the board of banking and financial institutions, the commissioner of banking, and the home state regulator. Overall, this document establishes the legal framework for acquisitions in the banking sector in West Virginia.
Whom does it apply to?
Companies seeking to form a West Virginia bank holding company or acquire a West Virginia state bank or a bank holding company controlling a West Virginia state bank
What does it govern?
Acquisitions of banks by bank holding companies
What are exemptions?
Acquisitions made to facilitate another permitted acquisition, transactions arranged by the commissioner to prevent the insolvency or closing of a bank, and transactions where a national bank or out-of-state state bank forms its own bank holding company
What are the Penalties?
No specific penalties are mentioned in this document
Jurisdiction
West Virginia