Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 205/5001

(205 ILCS 205/5001) (from Ch. 17, par. 7305-1)

Sec. 5001. Minimum capital.

(a) A savings bank may be organized to exercise the powers conferred by
this Act with minimum capital, surplus, and reserves for operating expenses
as determined by the Commissioner.   In no case may the Commissioner establish requirements for insured
savings banks at a level less than that required for insurance of accounts.
For any savings bank other than those resulting from conversion from an
existing financial institution to one operating under this Act, the
Commissioner must establish capital requirements no less stringent than
those required of banks chartered under the Illinois Banking Act.

(b) No savings bank may commence business until it has capital as required
by the Federal Deposit Insurance Corporation.

(c) Each depository institution converting to a savings bank, before
declaration of a dividend on its capital stock, must maintain the minimum
capital standards as required by the Federal Deposit Insurance Corporation.

(Source: P.A. 100-201, eff. 8-18-17.)