Establishing branch banks and Federal Deposit Insurance Corporation requirements

SB 446 requires any bank or credit union seeking to establish a new branch bank or merge/acquire another bank in West Virginia to first be insured by the Federal Deposit Insurance Corporation (FDIC). This directly affects all state-chartered banks, credit unions, and financial institutions planning expansion through branch openings or acquisitions within the state. The key provision mandates FDIC insurance as a prerequisite for these activities, replacing previous requirements under West Virginia banking law. The bill does not change existing FDIC-insured institutions' operations but adds this new condition for expansion. This is a concrete regulatory change focused on insurance compliance for banking growth.