TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 1075 SAVINGS BANK ACT
SECTION 1075.1965 CONVERTED SAVINGS BANK PROHIBITED FROM REPURCHASING ITS STOCK WITHOUT APPROVAL


 

Section 1075.1965  Converted Savings Bank Prohibited from Repurchasing its Stock Without Approval

 

A converted savings bank shall not, for a period of one year from the date of the completion of the conversion, repurchase any of its capital stock, except that capital stock repurchases of no greater than 5% of the capital stock issued in the conversion may be repurchased during this one-year period if the Director finds that:

 

a)         the repurchase would not adversely affect the financial condition of the savings bank;

 

b)         the repurchase would not reduce the savings bank's capital below requirements established by the Director or federal law;

 

c)         the repurchase would be equitable to shareholders;

 

d)         the repurchase would be undertaken for legitimate business reason; and

 

e)         the information submitted by the savings bank is sufficient upon which to base the findings required by this Section.

 

(Source:  Amended at 30 Ill. Reg. 19068, effective December 1, 2006)