Ill. Admin. Code tit. 38 § 1075.730

Current through Register Vol. 48, No. 50, December 13, 2024

Section 1075.730 - Application for the Maintenance of Branch Office after Conversion, Consolidation, Purchase of Assets or Merger

a) With written approval of the Director, a savings bank that acquires an office or offices through merger, purchase, purchase of all assets or consolidation shall assume the operation of any acquired offices. An existing depository institution that converts to a savings bank shall maintain all of its offices existing or approved before the conversion.

b) If the Director has approved a Plan of Conversion from a savings bank charter for a savings bank or has evidence of a savings bank's intent to file a Plan of Conversion, he or she shall deny an application for a branch office.

Ill. Admin. Code tit. 38, § 1075.730

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