Magazine article American Banker

Illinois Regional Banking Bill Awaits Action by State Senate

Magazine article American Banker

Illinois Regional Banking Bill Awaits Action by State Senate

Article excerpt

CHICAGO -- As of midafternoon Monday, a bill that would make regional banking in Illinois a reality -- after clearing a major legislative hurdle last week -- still awaited action in the state Senate, which was still in session well after its scheduled close.

The measure, if passed, will open the borders of Illinois to banking from six nearby states.

The Illinois House of Representatives last week approved a regional interstate banking bill by a 72-to-38 vote. The House version of the bill, which differs somewhat from a regional banking bill passed earlier this year by the state Senate, went back to the Senate for final approval.

Most observers said they believed there was a strong likelihood that the Senate would approve the amended version of the bill in the waning hours of the state Legislature, still at work on Monday although its originally scheduled adjournment was last Thursday.

However, lawmakers were considering other legislation Monday afternoon and had taken no action as yet on the amended regional banking bill.

If the Senate approves the amended version, it will go to Gov. James R. Thompson for his signature. The governor has endorsed the regional bill, saying that he views it as "the first step toward modernizing Illinois banking laws."

The Illinois bill would permit interstate banking on a reciprocal basis with banks in Indiana, Iowa, Kentucky, Michigan, Missouri, and Wisconsin. Of those states, Indiana and Kentucky already have regional banking bills on their books, and regional legislation still is being considered by lawmakers in Michigan and Wisconsin.

The bill also would allow multibank holding companies to operate throughout Illinois. Currently, the state is divided into five regions, and a holding company can operate in the region in which it is headquartered plus one adjoining region. …

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