Illinois Compiled Statutes 205 ILCS 205/8012 – Conversion of an existing depository institution to a savings bank
Current as of: 2024 | Check for updates
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(a) Except as provided in subsection (b), an existing depository institution may become an Illinois savings bank by:
(1) Applying to the Commissioner of Banks and Real
(1) Applying to the Commissioner of Banks and Real
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Estate for an Illinois savings bank charter.
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(2) Obtaining insurance of accounts from a deposit
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insurance corporation.
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(3) Complying with the provisions of this Act and the
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rules and regulations of the Commissioner, except that any requirements of publication, notice, and public hearing are hereby waived.
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(4) Paying all outstanding bills for supervisory
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fees, examination fees, membership fees, other fees, penalties, and assessments associated with its original charter.
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(5) Recording a savings bank charter in the county of
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its company headquarters.
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(6) Giving notice to its original chartering
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authority and surrendering its charter to its chartering authority upon approval of the Commissioner.
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(b) A federal association required by a law of the United States to convert to a national bank or to a depository institution chartered under the laws of the State of Illinois that elects to become a savings bank may apply for an expedited process under this subsection. Upon filing with the Commissioner a certified copy of the conversion registration statement filed with the appropriate federal regulatory agency and a certificate issued by that federal regulatory agency showing that the federal association has complied with the provisions of federal law, the Commissioner shall issue a savings bank charter to the converting federal association, provided the converting federal association:
(i) furnishes evidence of insurance of accounts from
Terms Used In Illinois Compiled Statutes 205 ILCS 205/8012
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
- United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(i) furnishes evidence of insurance of accounts from
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a deposit insurance corporation;
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(ii) complies with the provisions of this Act and the
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rules of the Commissioner, except that any requirements of publication notice and public hearing are waived; and
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(iii) records the savings bank charter in the county
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of its principal place of business.
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(c) A federal savings association that converts to a savings bank under subsection (b) of this Section shall not be required to pay any application fees in connection with the conversion.