Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1075 - SAVINGS BANK ACT
Subpart L - SUPERVISION
Section 1075.1500 - Sale of Offices or Facilities
Universal Citation: 38 IL Admin Code ยง 1075.1500
Current through Register Vol. 48, No. 12, March 22, 2024
a) Except the sale of a branch office under Section 1075.740 of this Part, a savings bank contemplating sale of any office or facility must provide 90 days notice to the Director of its intent to do so. A copy of a signed letter of intent to purchase must be received by the Director at least 30 days before the closing date of the contemplated sale.
b) Notice to the Director shall include:
1) addresses of the facilities and offices to
be sold;
2) analyses of the
accounts, loans and obligations of the facilities' and offices'
business;
3) a draft of
notifications to be sent to all parties who would be affected by the sale,
including depositors, creditors, account holders, and borrowers;
4) notifications must detail names and
addresses of the seller and buyer, what business will be transferred to the
buyer, if anything shall remain with the seller, when business remaining with
the seller will be administered;
5)
all final notifications under this Section must be registered mail, certified
mail, or personally delivered. A time schedule for notifications must be
included; and
6) an analysis of the
effect on the selling savings bank's financial condition, including discussion
of any accounting issues, and pro forma financial statements for before and
after the transaction. Specific discussion must be included about the manner of
payment and deviation of pricing.
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