W. Va. Code R. § 107-08-4

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 107-08-4 - Procedures for processing branch bank applications - contested unbanked areas

4.1. Drawing of branch bank application in each contested unbanked area - For each contested unbanked area, the board and the OCC shall determine in what order two state and/or national banking institution branch bank applications shall be considered. All eligible state and/or national banking institutions branch bank applications shall be drawn from a pool of branch bank applications for each particular contested unbanked area and the sequence of the drawing shall be recorded for purposes of processing branch bank applications pursuant to 4.02 below. The drawing shall be conducted on or before June 23, 1982, under the auspices of an independent third party. Banking institutions shall be notified of the order of selection for each contested unbanked area.

4.2. Review of branch bank applications - The branch bank applications of the first two state and/or national banking institutions selected in each contested unbanked area shall be reviewed before other branch bank applications filed by other state and/or national banking institutions for the same contested unbanked area. If the branch bank applications of either or both of the first two banking institutions selected for initial review are not ultimately approved or the branch banks are not established within the specific perio-d of time for which such approval is granted, the pending branch bank applications of other state and/or national banking institutions in the order in which they were randomly selected shall be considered. This process shall continue until two branch bank applications in each contested unbanked area are approved and two branch banks are established in each contested unbanked area.

4.3. Positions of priority not transferable - A banking institution's position of priority established pursuant to the random selection process described in 4.01 above shall not be transferable to any other banking institution.

4.4. Eligibility for the random selection process for contested unbanked areas - To be eligible for the random selection process for a contested unbanked area (as that random selection process is described in 4.01 above), a state banking institution must file a branch bank application (FDIC form 6210/06A) with the Board before 5:00 p.m., June 18, 1982. The original of said application, accompanied by a nonrefundable one thousand dollar ($1,000) fee (as required under West Virginia Code 31A-8-12(i)), must be remitted to the West Virginia Department of Banking. It is the responsibility of the state banking institution to insure that the West Virginia Department of Banking receives its branch bank application before 5:00 p.m., June 18, 1982, to be eligible for the random selection process for a contested unbanked area. The Board reserves the discretion to reject any incomplete branch bank application.

W. Va. Code R. § 107-08-4