Effect of ILCRA Performance on Applications

Section 345.290  Effect of ILCRA Performance on Applications a)         ILCRA performance.  Among other factors, the Secretary takes into account the record of performance under the ILCRA of each applicant bank in considering an application for approval of: 1)         The relocation of the bank's main office or a branch, but only when express prior approval is otherwise required under applicable State law or administrative rule; and 2)         The merger, consolidation, acquisition of assets, or assumption of liabilities. b)         New financial institutions.  A newly chartered bank shall submit with its application for a permit to organize a description of how it will meet its ILCRA objectives. The Secretary takes the description into account in considering the application and may deny or condition approval on that basis. c)         Interested parties.  The Secretary takes into account any views submitted by interested parties in accordance with the public notice posted pursuant to Section 35-20 of ILCRA. d)         Denial or conditional approval of application.  A bank's record of performance may be the basis for denying or conditioning approval of an application listed in subsection (a).