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(205 ILCS 205/8012)
(from Ch. 17, par. 7308-12)
Conversion of an existing depository institution
to a savings bank.
(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
(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
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
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
in connection with the conversion.
(Source: P.A. 89-508, eff. 7-3-96; 90-270, eff. 7-30-97.)