(205 ILCS 5/21.3)
Sec. 21.3.
Mergers; deposit concentration limits.
(a) Except as otherwise expressly provided in this Section, no bank shall
merge with or into or 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 the merger or acquisition, the
bank, including any affiliates of the bank, 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 subsection (a) the words "insured depository
institution" shall mean State banks, national banks, and insured savings
associations. For purposes of this subsection (a), 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 subsection (a), 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
this Act.
(b) Notwithstanding the provisions of subsection (a) of this Section, the
Commissioner or the appropriate federal banking agency may approve a merger or
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.)
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