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Illinois Statutes Chapter 205. Financial Regulation § 205/1006. Parity

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 1006. Parity.

(a) Subject to the regulation of the Commissioner and in addition to the powers granted by this Act, each savings bank operating under this Act shall possess those powers granted by regulation promulgated under the Federal Deposit Insurance Act  1 for state savings banks.

(b) A savings bank may establish branches or offices at which savings or investments are regularly received or loans approved as follows:

(1) to the extent branch powers and offices are granted to State banks under the Illinois Banking Act;  2

(2) within the geographic area defined in Article 2 of this Act  3 and subject to the provisions of Article 2 of this Act;

(3) within the same geographic areas or states as those states from which a holding company is permitted to acquire an Illinois savings bank or an Illinois savings bank holding company;

(4) to the same extent that holding companies and savings and loan associations headquartered outside the State of Illinois are allowed to operate in Illinois by virtue of Articles 1A and 2B of the Illinois Savings and Loan Act of 1985;  4

(5) as the result of mergers, consolidations, or bulk sales of facilities in the case of relocations; and

(6) to the extent an out-of-state savings bank has its main banking premises in a state that is reciprocal with Illinois and would be eligible to establish a branch pursuant to Section 1006.05 of this Act.

(c) The Commissioner may adopt regulations that provide for the establishment of branches as defined by the Commissioner.

(d) Notwithstanding any other provision of this Act, a savings bank that purchases or assumes all or any part of the assets or liabilities of a bank, savings bank, or savings and loan association or merges or consolidates with a bank, savings bank, or savings and loan association may retain and maintain the main premises or branches of the former bank, savings bank, or savings and loan association as branches of the purchasing, merging, or consolidating savings bank, provided it assumes the deposit liabilities of the bank, savings bank, or savings and loan association maintained at the main premises or branches.

(e) A savings bank has any power reasonably incident, convenient, or useful to the accomplishment of the powers conferred upon the savings bank by this Act.

1 12 U.S.C.A. § 1811 et seq.
2 205 ILCS 5/1 et seq.
3 205 ILCS 205/2001 et seq.
4 205 ILCS 105/1A-1 (repealed), 105/2B-1 (repealed).
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Cite this article: FindLaw.com - Illinois Statutes Chapter 205. Financial Regulation § 205/1006. Parity - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-205-financial-regulation/il-st-sect-205-205-1006/

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