(205 ILCS 10/3.09)
Sec. 3.09.
Acquisition; deposit concentration limits.
(a) Except as otherwise expressly provided in this Section, no bank holding
company shall acquire control of, or acquire all or substantially all of the
assets of a State bank or a national bank whose main banking premises is
located in Illinois if, upon consummation of acquisition, the bank holding
company, including affiliates of the bank holding company, would control 30% or
more of the total amount of deposits which are located in this State at insured
depository institutions. For purposes of this Section the words "insured
depository institutions" shall mean State banks, national banks, and insured
savings associations. For purposes of this Section, the word "deposits" shall
have the meaning ascribed to that word in Section 3(1) of the Federal Deposit
Insurance Act. For purposes of this Section, the total amount of deposits which
are considered to be located in this State at insured depository institutions
shall equal the sum of all deposits held at the main banking premises and
branches
in the State of Illinois of State banks, national banks, and insured savings
associations. For purposes of this Section the word "affiliates" shall have the
meaning ascribed to that word in Section 35.2 of the Illinois Banking Act.
(b) Notwithstanding the provisions of subsection (a) of this Section, the
Commissioner or the appropriate federal banking agency may approve an
acquisition of a bank that is in default or in danger of default. The
provisions of subsection (a) of this Section may not be waived, whether
pursuant
to Section 3(d) of the federal Bank Holding Company Act of 1956 or Section
44(d)
of the Federal Deposit Insurance Act, except as expressly provided in this
subsection (b).
(Source: P.A. 90-226, eff. 7-25-97.)
|