West Virginia Code of State Rules › Agency 107 - Banking And Financial Institutions › Title 107 - PROCEDURAL RULE WEST VIRGINIA BOARD OF BANKING AND FINANCIAL INSTITUTIONS › Series 107-08 - Procedural Rule Pertaining To The Processing Of Branch Bank Applications Received Pursuant To WV Code 31A-8-A2 (d) (2) › Section 107-08-4 - Procedures for processing branch bank applications - contested unbanked areas

Current through Register Vol. XLI, No. 28, July 12, 2024
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.