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1 | AN ACT concerning financial regulation.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | (205 ILCS 5/21.2 rep.)
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5 | Section 5. The Illinois Banking Act is amended by repealing | |||||||||||||||||||||
6 | Section 21.2. | |||||||||||||||||||||
7 | Section 10. The Illinois Bank Holding Company Act of 1957 | |||||||||||||||||||||
8 | is amended by changing Section 3.071 as follows:
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9 | (205 ILCS 10/3.071) (from Ch. 17, par. 2510.01)
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10 | Sec. 3.071. Out of state bank holding companies.
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11 | (a) An out of state bank holding company may acquire | |||||||||||||||||||||
12 | ownership of more
than 5% of the voting shares of or control of | |||||||||||||||||||||
13 | one or more Illinois banks or
Illinois bank holding companies | |||||||||||||||||||||
14 | pursuant to a transaction, occurrence or
event that is | |||||||||||||||||||||
15 | described in paragraphs (1) through (5) of subsection (a) of
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16 | Section 3.02, provided the acquisition is made in accordance | |||||||||||||||||||||
17 | with Sections 3.02
and 3.07 of this Act in accordance with | |||||||||||||||||||||
18 | subsection (i) of this Section and
provided the following | |||||||||||||||||||||
19 | conditions
are met:
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20 | (1) (Blank).
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21 | (2) An out of state bank holding company seeking to | |||||||||||||||||||||
22 | acquire an
Illinois bank or Illinois bank holding company | |||||||||||||||||||||
23 | pursuant to subsection (a)
of Section 3.071 shall, if | |||||||||||||||||||||
24 | change in control of the bank is governed by
Section 18 of | |||||||||||||||||||||
25 | the Illinois Banking Act, file with the Commissioner the | |||||||||||||||||||||
26 | application required by that Section containing
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27 | information satisfactory to the Commissioner.
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28 | ||||||||||||||||||||||
29 | (b) (Blank).
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30 | (c) (Blank).
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31 | (d) (Blank).
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1 | (e) (Blank).
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2 | (f) (Blank).
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3 | (g) (Blank).
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4 | (h) (Blank).
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5 | (i) (Blank). ( 1) An out of state bank holding company which | ||||||
6 | directly or indirectly
controls or has control over an | ||||||
7 | Illinois bank that has existed and continuously
operated as | ||||||
8 | a bank for 5 years or less, may not cause the Illinois bank | ||||||
9 | to
merge with or into, or to have all or substantially all | ||||||
10 | of the assets acquired
by a bank that is an out of state | ||||||
11 | bank .
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12 | (2) For purposes of subsection (i)(1) of this Section, | ||||||
13 | an Illinois bank
that is the resulting bank following a | ||||||
14 | merger involving an Illinois interim
bank shall be | ||||||
15 | considered to have been in existence and continuously | ||||||
16 | operated
during the existence and continuous operation of | ||||||
17 | the Illinois merged bank. As
used in this subsection | ||||||
18 | (i)(2), the words
"resulting bank" and "merged bank" shall | ||||||
19 | have the meanings ascribed to those
words in Section 2 of | ||||||
20 | the Illinois Banking Act. As used in this subsection
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21 | (i)(2), the words "interim bank" shall mean a bank which | ||||||
22 | shall not accept
deposits, make loans, pay checks, or | ||||||
23 | engage in the general business of banking
or any part | ||||||
24 | thereof, and is chartered solely for the purpose of merging | ||||||
25 | with or
acquiring control of, or acquiring all or | ||||||
26 | substantially all of the assets of an
existing Illinois | ||||||
27 | bank.
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28 | (3) The provisions of subsection (i)(1) of this Section | ||||||
29 | shall not apply to
the merger or acquisition of all or | ||||||
30 | substantially all of the assets of an
Illinois bank:
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31 | (i) if the merger or acquisition is part of a | ||||||
32 | purchase or acquisition
with respect to which the | ||||||
33 | Federal Deposit Insurance Corporation provides
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34 | assistance under Section 13(c) of the Federal Deposit | ||||||
35 | Insurance Act; or
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36 | (ii) if the Illinois bank is in default or in |
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1 | danger of default. As
used in this subsection | ||||||
2 | (i)(3)(ii), the words "in default"
and "in danger of | ||||||
3 | default" shall have the meaning ascribed to those words | ||||||
4 | in
Section 2 of the Illinois Banking Act.
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5 | (Source: P.A. 89-208, eff. 9-29-95; 89-567, eff. 7-26-96; | ||||||
6 | 90-226, eff.
7-25-97; 90-655, eff. 7-30-98.)
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7 | Section 99. Effective date. This Act takes effect upon | ||||||
8 | becoming law.
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