093_SB0437 LRB093 10093 JLS 10344 b 1 AN ACT relating to the banking industry. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Banking on Illinois Act is amended by 5 changing Section 5 as follows: 6 (205 ILCS 710/5) 7 Sec. 5. Findings and declarations of policy. The 8 General Assembly hereby finds and declares that: 9 (1)thatthe economic strength and general welfare 10 of Illinois depends on a strong, profitable, and 11 competitive banking industry in this State that preserves 12 and creates employment, increases credit availability, 13 attracts capital, and expands the savings base for the 14 citizens of this State; 15 (2)thatthe removal of geographic restrictions in 16 the federal banking laws and in the laws of the 50 states 17 has given rise to a substantial number of newly created 18 community banks and interstate bank mergers requiring the 19 selection of main office locations and relocations; 20 (3)thatby ensuring a favorable environment for 21 banks to commence and operate their businesses from this 22 State, more newly created community banks and merging 23 banks will choose to maintain or retain their 24 headquarters in and relocate their main banking offices 25 to Illinois; and 26 (4)thatpreserving and increasing the number of 27 bank headquarters and main banking offices within 28 Illinois will substantially increase employment 29 opportunities, credit availability, and capital 30 investment in this State, while strengthening the savings 31 base of this State, thereby providing significant -2- LRB093 10093 JLS 10344 b 1 benefits to all Illinois citizens, to commercial and 2 agricultural businesses of all sizes in this State, and 3 to all local governments and political subdivisions of 4 this State. 5 (Source: P.A. 91-330, eff. 7-29-99.)