To create the State Bank of West Virginia

HB 2464 would establish the State Bank of West Virginia within the State Treasurer’s Office to securely hold precious metals (like gold, silver, and bullion) owned by the state, its agencies, or political subdivisions. The bank would function as a custodian, tracking deposits, managing transactions, and requiring strict record-keeping, but would not pay interest or provide banking services to the public. Only state entities, authorized agents, or designated political subdivisions could open accounts, and the Treasurer would appoint an Administrator to oversee operations. This bill creates a new state-run custody system for precious metals, not a commercial bank.