§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)