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1
HOUSE RESOLUTION

 
2    WHEREAS, Covenant Bank in Chicago, Illinois, was given a
3notice by the Secretary of Financial and Professional
4Regulation pursuant to Section 51 of the Illinois Banking Act
5that set a deadline of December 2, 2012 by which Covenant Bank
6must correct the impairment on its capital; and
 
7    WHEREAS, Subsection (b) of Section 51 of the Illinois
8Banking Act authorizes the Secretary of Financial and
9Professional Regulation to extend the time period contained in
10that notice; therefore, be it
 
11    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
12NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
13we urge the Secretary of Financial and Professional Regulation
14to grant an extension to Covenant Bank for the correction to
15the impairment on its capital until February 1, 2013,
16representing 180 days after the receipt of such notice; and
17that the Secretary grant an extension on an ongoing basis as
18long as Covenant Bank's capital is not critically
19undercapitalized (as defined by the Federal Deposit Insurance
20Act); and be it further
 
21    RESOLVED, That we urge the Secretary of Financial and
22Professional Regulation to grant, for any community bank that

 

 

HR1305- 2 -LRB097 23489 MGM 72434 r

1has received or is subject to receive a Section 51 order, the
2maximum initial term of 180 days to take corrective action, and
3to grant an extension on an ongoing basis as long as the bank's
4capital (either as filed on its last CALL report or
5subsequently verified after a capital infusion) is not
6critically undercapitalized; and be it further
 
7    RESOLVED, That suitable copies of this Resolution be
8delivered to the Secretary of Financial and Professional
9Regulation.