(Columbus)--Donna Owens, director of the Ohio Department of Commerce, announced today that the department has approved the application of The Ohio Valley Bank Company, Gallipolis, to establish a branch in Point Pleasant, West Virginia. This application approval is the first out-of-state branch of an Ohio state-chartered bank approved under the provisions of Ohio's interstate branching law (Senate Bill 40).

Under Senate Bill 40, which went into effect on May 21, 1997, Ohio-chartered banks, savings and loans and savings banks can merge with and acquire branches of financial institutions located in other states and to establish new branches in other states.

"This application approval illustrates Ohio's commitment to providing Ohio banks with the opportunity to compete effectively in the interstate environment," Director Owens said.

Superintendent of Financial Institutions W. Curtis Stitt and Deputy Superintendent for Banks Richard L. Hardgrove approved the application on June 24. The branch, to be located at 429 Viand Street, Point Pleasant, West Virginia, will provide a full range of deposit accounts and loans, and will provide all traditional banking services except drive-through teller services. The bank has had a loan origination office on the site since December, 1994. The bank anticipates opening the branch in mid-July.

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The Ohio Department of Commerce’s Division of Financial Institutions regulates financial institutions chartered in Ohio. The superintendent serves as chief executive officer of the division and three deputy superintendents oversee the sections of Banks, Savings and Loans/Savings Banks, and Credit Unions. These sections are responsible for all examination, supervision and regulation activities of each specific industry. In addition to financial institutions, Commerce also regulates securities, industrial compliance, fire codes, unclaimed funds, and real estate, among other industries. The former Department of Liquor Control joined the Department on July 1, 1997 as the Division of Liquor Control.