ENROLLED
Senate Bill No. 192
(By Senators Minard, Sharpe, Jenkins, Rowe, Sprouse and Plymale)
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[Passed March 8, 2003; in effect ninety days from passage.]
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AN ACT to amend and reenact section seven, article eight-a, chapter
thirty-one-a of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to the notice
required from bank holding companies that apply for financial
holding company status.
Be it enacted by the Legislature of West Virginia:
That section seven, article eight-a, chapter thirty-one-a of
the code of West Virginia, one thousand nine hundred thirty-one, as
amended, be amended and reenacted to read as follows:
ARTICLE 8A. ACQUISITION OF BANKS BY BANK HOLDING COMPANIES.
§31A-8A-7. Reports; examinations.
(a) To the extent specified by the commissioner by rule, order
or written request, each bank holding company that directly or
indirectly controls a West Virginia bank, bank branch in West
Virginia or a West Virginia bank holding company shall submit to
the commissioner an annual report specifying for each bank and
branch (excluding automated teller machines) in this state
controlled by the bank holding company:
(i) The location of each office, including county and, where applicable, municipality;
(ii) The amount of deposits held by each office as of the end
of the preceding calendar year; and
(iii) The amount of loans outstanding by each office at the
end of the preceding calendar year.
The foregoing report shall be based upon each bank's
allocation of its deposit base and loan portfolio among its main
office and branches. The report shall be filed with the
commissioner on or before the fifteenth day of February of each
year on forms prescribed by the commissioner.
(b) A parent bank holding company controlling a bank or bank
holding company having, or through a subsidiary having, a place of
business in this state shall, on or before the thirty-first day of
March of each year, register with the commissioner on forms
provided or prescribed by said office which shall include such
information with respect to the financial condition, operation,
management and intercompany relationships of the parent bank
holding company and its subsidiaries and related matters as the
commissioner may consider necessary or appropriate to carry out the
purposes of this article. The information required herein may be
supplied by submission of copies of other similar federal or state
regulatory filings or forms containing the information unless
otherwise required by order or rule.
(c) The commissioner may enter into cooperative agreements
with any other bank supervisory agencies to facilitate the
examination of any bank holding company that: (i) Has acquired or
has an application pending to acquire a West Virginia bank or West Virginia bank holding company pursuant to this article; or (ii)
operates a subsidiary doing business in this state which is subject
to the jurisdiction or supervision of the commissioner. The
commissioner may accept reports of examinations and other records
from other authorities in lieu of conducting his or her own
examination of the bank holding companies or their subsidiaries.
The commissioner may take any action jointly with other regulatory
agencies having concurrent jurisdiction over the bank holding
companies or subsidiaries or may take action independently in order
to carry out his or her responsibilities under this chapter.
(d) When the commissioner considers it necessary, he or she
may require any bank holding company that has acquired a West
Virginia bank, bank branch in West Virginia or West Virginia bank
holding company to submit the reports to the commissioner as he or
she determines to be necessary or appropriate for the purpose of
carrying out his or her responsibilities.
(e) When the commissioner of banking considers it necessary or
appropriate, he or she may examine any bank holding company that
has acquired or has an application pending to acquire a West
Virginia bank, bank branch in West Virginia or West Virginia bank
holding company. The cost of an examination in connection with an
application, if in excess of the initial fee, shall be assessed
against and paid by the bank holding company examined. The
commissioner may request the bank holding company to be examined
pursuant to this subsection to advance the estimated cost of the
examination. The cost of an examination for a bank holding company
controlling a West Virginia bank or West Virginia bank holding company regarding compliance with the law of this state or safe and
sound banking practices shall be assessed against and paid by the
bank holding company examined.
(f) Any parent bank holding company or bank holding company
having, or through a subsidiary having, a place of business in this
state, shall provide the commissioner with notice of any filing it
makes with the board of governors of the federal reserve to declare
its intent to become a financial holding company. The notice
required herein may be met by filing copies of the federal filings
or forms containing the information filed with the board of
governors of the federal reserve and shall be filed with the
commissioner no later than two week after the date the declaration
of intent is filed with the federal reserve.