Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1075 - SAVINGS BANK ACT
Subpart D - OPERATIONS
Section 1075.440 - Business Plan

Universal Citation: 38 IL Admin Code ยง 1075.440

Current through Register Vol. 48, No. 28, July 12, 2024

a) All savings banks whose operations are considered unsafe or unsound by the Director pursuant to the Act or who have total capital less than the amount required under Section 5007 of the Act, or any condition that would endanger the ongoing viability of the savings bank, shall develop a business plan and have the same available for review by the examiners. The period covered by the business plan shall not be less than one year, but may be for any greater number of periods that the Director may require. Each plan shall contain the following:

1) introduction;

2) mission statement;

3) corporate objectives;

4) corporate strategies; and

5) financial projections for the period covered by the business plan.

b) The savings bank's business plan shall be reviewed to determine its continued viability in accordance with current economic conditions and approved or revised, as determined by the board of directors, at least annually.

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