Sec. 5. Findings and declarations of policy.

213 words·~1 min read·/il/chapter-205/act-710/5

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Sec. 5. Findings and declarations of policy. The General Assembly hereby finds and declares:

(1)that the economic strength and general welfare of Illinois depends on a strong,

profitable, and competitive banking industry in this State that preserves and creates employment, increases credit availability, attracts capital, and expands the savings base for the citizens of this State;

(2)that the removal of geographic restrictions in the federal banking laws and in the

laws of the 50 states has given rise to a substantial number of newly created community banks and interstate bank mergers requiring the selection of main office locations and relocations;

(3)that by ensuring a favorable environment for banks to commence and operate their

businesses from this State, more newly created community banks and merging banks will choose to maintain or retain their headquarters in and relocate their main banking offices to Illinois; and

(4)that preserving and increasing the number of bank headquarters and main banking

offices within Illinois will substantially increase employment opportunities, credit availability, and capital investment in this State, while strengthening the savings base of this State, thereby providing significant benefits to all Illinois citizens, to commercial and agricultural businesses of all sizes in this State, and to all local governments and political subdivisions of this State.