Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 380 - ELIGIBLE STATE BANK AND SAVINGS BANK › Section 380.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Applicable Act" means Section 48(2)(a) of the Illinois Banking
				Act (IBA) [ 205 ILCS 5 ] in the case of state banks chartered under the IBA,
				and also means Section 9004 of the Savings Bank Act (SBA) [ 205 ILCS 205 ] in
				the case of a savings bank chartered under the SBA.
"Appropriate federal banking agency" means the Federal Deposit
				Insurance Corporation, the Federal Reserve Bank of Chicago or the Federal
				Reserve Bank of St. Louis, as determined by federal law (
				12
				USC 1813(q) ).
"CAMELS Rating" means the rating assigned to a state bank by
				the Secretary or by the state bank's appropriate federal banking agency, based
				on a composite evaluation of the following six individual performance
				components: Capital Adequacy, Asset Quality, Management, Earnings, Liquidity
				and Sensitivity to Market Risk. The composite CAMELS Rating, and the rating
				assigned to each individual performance component, will be assigned a number
				from a range of 1 through 5, with 1 being the highest possible rating and 5
				being the lowest possible rating.
"Eligible state bank" means an Illinois state bank that, at its
				last examination, was assigned a composite CAMELS Rating of 1 or 2, or stable
				and improving composite 3-rated institutions if the composite rating is
				confirmed by an offsite review in which no adverse trends are noted from other
				available information; except that, unless otherwise determined by the
				Secretary, the following shall not be an eligible state bank:
A newly chartered state bank, for the first three years after
				receiving its charter;
A state bank that results from the merger of a state bank with
				a financial institution other than a state bank, for the first examination
				period after the merger;
A state bank that results from the merger of a state bank with
				another state bank that was assigned a CAMELS Rating of 3, 4 or 5 at its last
				regular examination, for the first examination period after the merger;
A state bank that results from the conversion of a financial
				institution other than a state bank, for the first examination period after the
				conversion;
A state bank that has undergone a change of control pursuant to
				the applicable Act that results in new ownership or control of more than 50% of
				the outstanding voting stock of the state bank, for the first examination
				period after the change of control;
A state bank whose management or board of directors has
				requested an examination by the Secretary;
A state bank that, in the opinion of the Secretary, is:
operating in an unsafe manner;
operating in an unsound condition;
conducting its business in violation of applicable laws, rules
				or regulations; or
conducting its business in a fraudulent manner;
A state bank concerning which the appropriate federal banking
				agency has communicated to the Secretary that the federal banking agency will
				not alternate in conducting examinations of the particular bank or class of
				banks; and
A state bank that is subject to an administrative order or
				other regulatory or enforcement action issued by the Secretary or the
				appropriate federal banking agency.
"Examination period" means the time frame within which the
				Secretary must conduct a regular examination of each state bank pursuant to the
				applicable Act.
"Regular examination" means a full scope, on-site examination
				of a state bank conducted by the Secretary or by the state bank's appropriate
				federal banking agency within each examination period.
"Secretary" means the Secretary of the Department of Financial
				and Professional Regulation.
"State bank" means, for purposes of this Part only, a state
				bank chartered under the Illinois Banking Act or a savings bank chartered under
				the Savings Bank Act, as the case may be.