All West Virginia state chartered banking institutions wishing to form a new bank holding company must make application to both the West Virginia Board of Banking and Financial Institutions and the Federal Reserve System through the appropriate Federal Reserve Bank. In West Virginia, that would be either the Federal Reserve Bank of Richmond or the Federal Reserve Bank of Cleveland.
Applications should be submitted to the West Virginia Division of Banking in final form at least 45 days prior to the next regularly scheduled meeting of the West Virginia Board of Banking. Board meetings are scheduled for the second Monday of each March, June, September and December. Additional meetings may be called or regular meetings rescheduled if necessary.
Specific instructions relating to the formation of a Bank Holding Company are provided in the following document:
West Virginia Division of Banking Process to be Followed by Bank Holding Company Applicants
Once the transaction has received approval from the West Virginia Board of Banking and Financial Institutions an ORDER communicating such approval will be issued to the Applicant. Applicants must then provide notice to the West Virginia Division of Banking of the actual consummation date. Such notice may be provided on the following form or in a letter providing the required information:
Bank Holding Company Formation Notification
Questions may be addressed to:
West Virginia Division of Banking
900 Pennsylvania Avenue
Charleston, WV 25302-3542
Or to Dawn Holstein