Ill. Admin. Code tit. 38 § 1075.700

Current through Register Vol. 48, No. 45, November 8, 2024

Section 1075.700 - General

a) A branch office of a savings bank is any office other than its home office, drive-in facility, pedestrian facility, agency office, or a remote service unit.

b) Any business of a savings bank may be transacted at a branch office. When a branch office provides any product, it must have all the resources necessary to support that product offering at the branch location.

c) A savings bank shall not establish a branch office nor change the location of its home office unless its respective application has been approved by the Director. An application shall be approved only if the Director finds that:

1) the office can be established at the proposed location without undue injury to properly conducted existing savings banks;

2) the policies and financial condition of the applicant are not a basis for supervisory objection; and

3) the proposed office will open within 12 months of approval unless occupancy is delayed by circumstances beyond the control of the applicant and, consequently, additional time is allowed by the Director.

d) A savings bank proposing a change of location of its home office or branch office may request a waiver of the otherwise applicable requirements of this Subpart G. The request will be approved only if:

1) the Director can make the same findings as those required at subsection (c);

2) the applicant demonstrates that the area to be served from the proposed location is essentially the same as that served from the present location;

3) the applicant gives the reasons for the change of location; and

4) the applicant submits a request that sets forth information sufficient to allow the making of all determinations required by subsection (d).

e) If requested by the applicant, the Director shall approve a temporary location of a home office or a branch office if the temporary location is:

1) in the immediate vicinity of the approved permanent location; and

2) not more competitive to any other properly conducted existing savings bank than the approved permanent location.

Ill. Admin. Code tit. 38, § 1075.700

Amended at 30 Ill. Reg. 19068, effective December 1, 2006