WASHINGTON - The Office of Thrift Supervision announced Monday that it had approved the application of the Illinois Agricultural Association to buy a savings bank and acquire a federal thrift charter.
The association, which represents the 350,000 members of the state's 96 county farm bureaus, intends to offer trust-related products and services; it got a limited charter restricting it to those activities.
The thrift being bought, Country Trust Bank of Bloomington, Ill., simultaneously acquired the assets and liabilities of IAA Trust Co., a subsidiary of the association. The transaction was structured this way in order to satisfy a state banking law that bars the direct conversion of a state-chartered trust company to a federal charter.
- Rob Garver