In our view, you may permit the CDs to renew automatically in the original issuing bank’s name, subject to the discussion below.

Under the Illinois Banking Act, the resulting state bank after a merger is considered the same business and corporate entity as each merging bank. Any written reference to a merging bank executed before or after a merger is considered a reference to the resulting bank — unless treating the merging bank and resulting bank as the same entity is inconsistent with some other provision of the writing.

We recommend consulting with bank counsel to review the original CD agreements for provisions that would preclude the other bank (the merging bank) from being considered the same as your bank (the resulting bank). If none exist, we believe the references to the merging bank will be treated as references to your bank, and it is not necessary to reissue new CDs.

For resources related to our guidance, please see:

• Illinois Banking Act, 205 ILCS 5/28 (“A resulting State bank . . . shall be considered the same business and corporate entity as each merging bank . . . Any reference to a merging or converting bank … in any writing, whether executed or taking effect before or after the merger or conversion, shall be deemed a reference to the resulting bank if not inconsistent with the other provisions of the writing.”)