(205 ILCS 10/2)
Unless the context requires otherwise:
(a) "Bank" means any national banking association or any bank, banking
association or savings bank, whether organized under the laws of Illinois,
another state, the United States, the District of Columbia, any territory of
the United States, Puerto Rico, Guam, American Samoa or the Virgin Islands,
which (1) accepts deposits that the depositor has a legal right to withdraw on
demand by check or other negotiable order and (2) engages in the business of
making commercial loans. "Bank" does not include any organization operating
under Sections 25 or 25 (a) of the Federal Reserve Act, or any organization
which does not do business within the United States except as an incident to
its activities outside the United States or any foreign bank.
(b) "Bank holding company" means any company that controls or has control
over any bank or over any company that is or becomes a bank holding company by
virtue of this Act.
(c) "Banking office" means the principal office of a bank, any branch
of a bank, or any other office at which a bank accepts deposits, provided,
however, that "banking office" shall not mean:
(1) unmanned automatic teller machines, point of sale
(2) offices located outside the United States.
(d) "Cause to be chartered", with respect to a specified bank, means the
acquisition of control of such bank prior to the time it commences to
engage in the banking business.
(e) "Commissioner" means the Secretary of Financial and Professional Regulation
or a person authorized by the Secretary, the Division of Banking
Act, or this Act to act in the Secretary's stead, and, beginning on January 1, 2011 (the effective date of Public Act 96-1163), all references in this Act to the Commissioner of Banks and Real Estate are deemed, in appropriate contexts, to be references to the Secretary of Financial and Professional Regulation.
(f) "Community" means the contiguous area served by the banking offices
of a bank, but need not be limited or expanded to conform to the geographic
boundaries of units of local government.
(g) "Company" means any corporation, business trust, voting trust,
association, partnership, joint venture, similar organization or any other
trust unless by its terms it must terminate within 25 years or not later
than 21 years and 10 months after the death of individuals living on the
effective date of the trust, but shall not include (1) an individual or (2)
any corporation the majority of the shares of which are owned by the United
States or by any state or any corporation or community chest fund,
organized and operated exclusively for religious, charitable, scientific,
literary or educational purposes, no part of the net earnings of which
inure to the benefit of any private shareholder or individual and no
substantial part of the activities of which is carrying on propaganda or
otherwise attempting to influence legislation.
(h) A company "controls or has control over" a bank or company if (1) it
directly or indirectly owns or controls or has the power to vote, 25% or
more of the voting shares of any class of voting securities of such bank or
company or (2) it controls in any manner the election of a majority of the
directors or trustees of such bank or company or (3) a trustee holds for
the benefit of its shareholders, members or employees, 25% or more of the
voting shares of such bank or company or (4) it directly or indirectly
exercises a controlling influence over the management or policies of such
bank or company that is a bank holding company and the Board of Governors
of the Federal Reserve System has so determined under the federal Bank
Holding Company Act. In determining whether any company controls or has
control over a bank or company: (i) shares owned or controlled by any
subsidiary of a company shall be deemed to be indirectly owned or
controlled by such company; (ii) shares held or controlled, directly or
indirectly, by a trustee or trustees for the benefit of a company, the
shareholders or members of a company or the employees (whether exclusively
or not) of a company, shall be deemed to be controlled by such company; and
(iii) shares transferred, directly or indirectly, by any bank holding
company (or by any company which, but for such transfer, would be a bank
holding company) to any transferee that is indebted
to the transferor or that has one or more officers, directors, trustees or
beneficiaries in common with or subject to control by the transferor, shall
be deemed to be indirectly owned or controlled by the transferor unless
the Board of Governors of the Federal Reserve System has determined, under
the federal Bank Holding Company Act, that the transferor is not in fact
capable of controlling the transferee. Notwithstanding the foregoing, no
company shall be deemed to have control of or over a bank or bank holding
company (A) by virtue of its ownership or control of shares in a fiduciary
capacity arising in the ordinary course of its business; (B) by virtue of
its ownership or control of shares acquired by it in connection with its
underwriting of securities which are held only for such period of time as
will permit the sale thereof upon a reasonable basis; (C) by virtue of its
holding any shares as collateral taken in the ordinary course of securing a
debt or other obligation; (D) by virtue of its ownership or control of shares
acquired in the ordinary course of collecting a debt or other obligation
previously contracted in good faith, until 5 years after the date acquired; or
(E) by virtue of its voting rights with respect to shares of any bank or bank
holding company acquired in the course of a proxy solicitation in the case of a
company formed and operated for the sole purpose of participating in a proxy
(h-5) "Division" means the Division of Banking within the Department of Financial and Professional Regulation.
(h-10) "Division of Banking" means the Division of Banking of the Department of Financial and Professional Regulation.
(i) "Federal Bank Holding Company Act" means the federal Bank Holding
Company Act of 1956, as now or hereafter amended.
(j) "Foreign bank" means any company organized under the laws of a
foreign country which engages in the business of banking or any subsidiary
or affiliate of any such company, organized under such laws. "Foreign
bank" includes, without limitation, foreign merchant banks and other
foreign institutions that engage in banking activities usual in connection
with the business of banking in the countries where such foreign
institutions are organized or operating.
(k) "Home state" means the home state of a foreign bank as determined
pursuant to the federal International Banking Act of 1978.
(l) "Illinois bank" means a bank:
(1) that is organized under the laws of this State or
(q) "Principal place of business" means,
with respect to a bank holding company, the state in which the total
deposits held by all of the banking offices of all of the bank subsidiaries
of such bank holding company are the largest, as shown in the most recent
reports of condition or similar reports filed by the bank holding company's
bank subsidiaries with state or federal regulatory authorities.
(q-5) "Secretary" means the Secretary of Financial and Professional Regulation, or a person authorized by the Secretary or by this Act to act in the Secretary's stead.
(r) "State" or "states" when used in this Act means any State of the
United States, the District of Columbia, any territory of the United
States, Puerto Rico, Guam, American Samoa or the Virgin Islands.
(s) "Subsidiary", with respect to a specified bank holding company,
means any bank or company controlled by such bank holding company.
(Source: P.A. 96-1163, eff. 1-1-11; 96-1365, eff. 7-28-10; 97-333, eff. 8-12-11.)