Tuesday, July 22, 2008
WV State Banking Commisioner Stepping Down
After seven years as the West Virginia commissioner of banking, Larry A. Stark announced his resignation will be effective Aug.4, 2008.
Stark was appointed commissioner in 2001 by former Gov. Bob Wise, and he has presided over a remarkable growth in state bank assets. During his term, state charter assets grew from about $7 billion to $18 billion through charter conversions from a national charter to the state charter, which supplemented continued growth in existing state-chartered banks.
"From the outset, my goal was to demonstrate to the industry that the West Virginia state charter should be the charter of choice,” Stark said. “The Division of Banking provides professional, cost-effective regulation by experienced local examiners who have an understanding of the uniqueness of West Virginia markets that simply could not be matched by Washington.”
A native of Ceredo, W.Va., Stark had a long career in private banking in West Virginia prior to taking this post. Stark said he is leaving his current position to pursue employment in the private sector. His successor has not yet been named.
“I appreciate the opportunity to have served in Gov. Manchin’s administration,” he said. “The governor’s support was crucial in achieving passage of legislation in 2005 that provided West Virginia-chartered banks with the same powers as any national or other state bank in the country. That demonstrated the state’s commitment to provide a modern banking environment for state-chartered community banks of all sizes.”
The Division of Banking is the state regulatory agency responsible for the oversight of our state's financial services industry, including the supervision of financial institutions licensed and chartered by the State of West Virginia as well as other entities that engage in financial activity in the state.
Stark was appointed commissioner in 2001 by former Gov. Bob Wise, and he has presided over a remarkable growth in state bank assets. During his term, state charter assets grew from about $7 billion to $18 billion through charter conversions from a national charter to the state charter, which supplemented continued growth in existing state-chartered banks.
"From the outset, my goal was to demonstrate to the industry that the West Virginia state charter should be the charter of choice,” Stark said. “The Division of Banking provides professional, cost-effective regulation by experienced local examiners who have an understanding of the uniqueness of West Virginia markets that simply could not be matched by Washington.”
A native of Ceredo, W.Va., Stark had a long career in private banking in West Virginia prior to taking this post. Stark said he is leaving his current position to pursue employment in the private sector. His successor has not yet been named.
“I appreciate the opportunity to have served in Gov. Manchin’s administration,” he said. “The governor’s support was crucial in achieving passage of legislation in 2005 that provided West Virginia-chartered banks with the same powers as any national or other state bank in the country. That demonstrated the state’s commitment to provide a modern banking environment for state-chartered community banks of all sizes.”
The Division of Banking is the state regulatory agency responsible for the oversight of our state's financial services industry, including the supervision of financial institutions licensed and chartered by the State of West Virginia as well as other entities that engage in financial activity in the state.
# posted by Joe Kinzer @ 5:51 PM 
