Review and Disposition of Applications

Section 346.40  Review and Disposition of Applications a)         In determining whether to approve an application for the designation of a proposed banking development district, the Secretary, in consultation with the State Treasurer, which consultation may include sending a copy of the application to the State Treasurer and seeking comment from the State Treasurer, shall take into consideration the following criteria: 1)         the location, number, and proximity to applicant's proposed site or sites where banking services are available within the proposed banking development district; 2)         the location, number, and proximity to applicant's proposed site or sites where banking services are available within a reasonable distance of the proposed banking development district; 3)         the identification of consumer needs for banking services within the proposed banking development district; 4)         the economic viability and local credit need of the community within the proposed banking development district; 5)         the existing commercial development within the proposed banking development district; 6)         the impact additional banking services would have on potential economic development in the proposed banking development district; 7)         the physical size of the proposed banking development district; 8)         the nature of the community to be served, including, but not limited to, the demographic and economic characteristics of the proposed banking development district; 9)         the financial condition and managerial ability of the applicant depository institution as determined by the appropriate bank regulator or other reliable sources; 10)       compliance with all other applicable branching statutes and regulations; 11)       history of prolonged lack of service to the proposed banking development district; 12)       the likelihood that an existing branch will remain open if the application is not approved, if applicable; 13)       the importance and benefits of preserving the banking services offered by the existing branch, if applicable; and 14)       such other criteria which the Secretary, in consultation with the State Treasurer, identifies as appropriate. b) The Secretary, in consultation with the State Treasurer, shall issue a determination on the application within 60 days after receiving the application. [205 ILCS 745/15]