A person who has submitted information to the Secretary pursuant to this subsection (b) is under a continuing obligation until the Secretary takes action on the application to immediately supplement that information if there are any material changes in the information previously furnished or if there are any material changes in any circumstances that may affect the Secretary's opinion and findings. In addition, a person submitting information under this subsection shall notify the Secretary of the date when the change in control is finally effected.
The Secretary may impose such terms and conditions on the approval of the change in control application as he deems necessary or appropriate.
If an applicant, whose application for a change in control has been approved pursuant to subsection (a) of this Section, fails to effect the change in control within 180 days after the date of the Secretary's approval, the Secretary shall revoke that approval unless a request has been submitted, in writing, to the Secretary for an extension and the request has been approved.
"Control" means the power, directly or indirectly, to direct the management or policies of the bank or to vote 25% or more of the outstanding stock of the bank. If there is any question as to whether a change in control application should be filed, the question shall be resolved in favor of filing the application with the Secretary.
"Substantially all" the assets or liabilities of a State bank means that portion of the assets or liabilities of a State bank such that their purchase or transfer will materially impair the ability of the State bank to continue successful, safe, and sound operations or to continue as a going concern or would cause the bank to lose its federal deposit insurance.
"Purchase" includes a transfer by gift, bequest, inheritance, or any other means.
As used in this Section, a person is acting in concert if that person is acting in concert under federal laws or regulations.
205 ILCS 5/18