Every savings bank shall maintain bond coverage with a bonding company acceptable to the Director for every officer, organization director, employee and agent of the savings bank or such other persons in positions requiring the receipt, payment, management or use of money belonging to the savings bank or whose duties permit or require access to or custody of a savings bank's assets or require the making of entries on the books and records of the savings bank.
Total Assets | Minimum Coverage |
Less than $1,000,000 | $135,000. |
$1,000,001 to $10,000,000 | $135,000 plus $25,000 for each $1,000,000 or fraction thereof over $1,000,000. |
$10,000,001 to $50,000,000 | $360,000 plus $50,000 for each $5,000,000 or fraction thereof over $10,000,000. |
$50,000,001 to $500,000,000 | $760,000 plus $75,000 for each $25,000,000 or fraction thereof over $50,000,000. |
Over $500,000,000 | $2,110,000 plus $100,000 for each $50,000,000 over $500,000,000. |
Total Capital | Permissible Deductible |
Less than 4% of total assets | 10% of total capital. |
Greater than 4% but less than 6% of total assets | 15% of total capital. |
Greater than 6% of total assets | 20% of total capital. |
Ill. Admin. Code tit. 38, § 1075.460
Amended at 30 Ill. Reg. 19068, effective December 1, 2006