Illinois allows de novo branching by out-of-state banks

Northwestern Financial Review, Sep 15-Sep 30, 2004

Notes, news and views on community banking

Illinois becomes the latest state to permit de novo branching by outof-state financial institutions. Gov. Rod Blagojevich signed legislation August 20 that amends the state's Bank Holding Company Act to remove barriers preventing such branching. More importantly, says Blagojevich, the change may allow Illinois financial institutions an opportunity to satisfy reciprocity requirements commonly imposed by others states and thereby gain de novo branching access outside of Illinois.

Illinois becomes the 17th state to permit de novo branching by banks in other states.