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Are Illinois banks still required to list an officer as the cashier? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Are Illinois banks still required to list an officer as the cashier?

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No, we do not believe that Illinois-chartered banks are required to have a cashier. The Illinois Banking Act requires only that a bank’s board of directors “elect one of their number as president.” 205 ILCS 5/12(a)(2). Otherwise, banks may “appoint such officers as the by-laws may provide.” 205 ILCS 5/12(a)(4)see also 205 ILCS 5/16(5). (By contrast, the National Bank Act does require national banks to appoint a cashier. 12 USC 24(5).)