To create the State Bank of West Virginia

HB 4687 creates the State Bank of West Virginia as a custodial agency within the State Treasurer's office, specifically for holding physical precious metals (bullion and specie) owned by the state, its agencies, or political subdivisions. The bill establishes rules for deposits, withdrawals, and account management, prohibits the bank from paying interest, and requires strict record-keeping and reporting to the Treasurer. It directly affects state entities that hold precious metals by providing a dedicated, secure repository and defines procedures for private individuals or businesses to deposit metals under specific conditions. The bank will operate under a State Bank Administrator appointed by the Treasurer with gubernatorial approval, focusing solely on safekeeping and administrative handling of these assets.