Sec. 8012. Conversion of an existing depository institution to a savings bank.

334 words·~2 min read·/il/chapter-205/act-205/8012·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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 Estate for an Illinois savings bank

charter.

(2)Obtaining insurance of accounts from a deposit insurance corporation.

(3)Complying with the provisions of this Act and the rules and regulations of the

Commissioner, except that any requirements of publication, notice, and public hearing are hereby waived.

(4)Paying all outstanding bills for supervisory fees, examination fees, membership

fees, other fees, penalties, and assessments associated with its original charter.

(5)Recording a savings bank charter in the county of its company headquarters.

(6)Giving notice to its original chartering authority and surrendering its charter to

its chartering authority upon approval of the Commissioner.

(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 a deposit insurance corporation;

(ii)complies with the provisions of this Act and the rules of the Commissioner, except

that any requirements of publication notice and public hearing are waived; and

(iii)records the savings bank charter in the county of its principal place of business.

(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.