Pursuant to W. Va. Code §12-1C-1 et seq., the State Treasurer is authorized to prepare and maintain a list of financial institutions engaged in a boycott of energy companies. Inclusion on the restricted financial institution list is not an indication of unsafe or unsound operating conditions at any financial institution nor any risk to consumer deposits.
Inclusion on the Restricted Financial Institution List may disqualify the following institutions from the competitive bidding process, any other official selection process, and may render the institution ineligible to enter into, or remain in, banking contracts with the State of West Virginia. The Treasurer is authorized to refuse to enter into a banking contract based on an institution’s restricted financial status. Additionally, the Treasurer is authorized to require, as a term of any banking contract, an agreement by the financial institution not to engage in a boycott of energy companies for the duration of the contract.
Following a financial institution’s inclusion on the Restricted Financial Institution List, the Treasurer will remove the institution from the list if the institution demonstrates that it has ceased all activity that boycotts energy companies.
Based on a review of publicly available statements published by banks authorized to enter financial services contracts with the State Treasurer’s Office,* the State Treasurer’s Office has determined that the following financial institutions are engaged in a boycott of energy companies as defined in W. Va. Code §12-1C-1 and will be placed on the Restricted Financial Institution List, effective immediately.