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					                                            MINUTES


                 ILLINOIS BANK EXAMINERS’ EDUCATION FOUNDATION
                                BOARD OF TRUSTEES

                               Meeting of Wednesday, February 7, 2001
                                         Via Conference Call

                             Office of Banks and Real Estate
                  500 East Monroe Street, Springfield, Illinois 62701-1509
___________________________________________________________________________________

The regular meeting of the Illinois Bank Examiners’ Education Foundation Board of Trustees was called
to order by Chairman Darr at 1:50 p.m.

MEMBERS PRESENT

William A. Darr, Chairman
Commissioner, Office of Banks and Real Estate

Jeanne N. Gernentz, President
Bank of Pontiac, Odell, Illinois

Lee J. Plummer, Public Member
Jerseyville, Illinois

STAFF PRESENT

Scott D. Clarke, Assistant Commissioner
Bureau of Banks and Trust Companies

Bob Thompson, Assistant Commissioner
Bureau of Administration

Linda Harrod, Director, Fiscal Division
Office of Banks and Real Estate

Michael D. Morehead, Chief Counsel
Bureau of Banks and Trust Companies

Young E. Brockhouse, Compliance Supervisor
Bureau of Banks and Trust Companies

Phillip VanDyke, District Supervisor
Division of Commercial Bank Supervision, Springfield

Pamela Jones, Administrative Assistant
Bureau of Banks and Trust Companies
Commissioner Darr welcomed the committee members and staff to the meeting.

ANNOUNCEMENTS

Commissioner Darr announced that two of the previous members, Mark Field and A. Dean Decker, terms
had expired on December 31, 2000 and that he expected Governor Ryan to make appointments to the
Board to fill those vacancies in the near future. The Commissioner also announced that Dave Conner,
Director of OBRE's Fiscal Division retired at the end of 2000.

APPROVAL OF MINUTES

A motion was made by Mr. Lee Plummer to accept the minutes of the last meeting as mailed to the
members. It was seconded by Ms. Jeanne Gernentz. The minutes were unanimously approved.

ELECTION OF TREASURER AND SECRETARY

Due to Mr. Field and Mr. Decker's expired terms, the board is without a Treasurer or a Secretary.
Mr. Plummer made a motion to nominate Jeanne Gernentz to fill the vacant position of Treasurer.
Ms. Gernentz seconded the motion. The motion was unanimously approved. Ms. Gernentz made a
motion to nominate Mr. Plummer to fill the vacant position of Secretary. Mr. Plummer seconded the
motion and the motion was unanimously approved.

APPROVAL OF AGENTS

The Commissioner stated that as a result of the retirement of Dave Conner he requested that the Board
appoint replacement agents for purposes of signing documents such as Certificate of Deposits (CD's), etc.
for the Board. This is necessary due to the fact that the Board members are spread out over a large
geographical area and it is not efficient to Federal Express documents to each member for their signatures.
The Board loses out on interest of the money in the IBEEF fund whenever this is done. Therefore, the
Commissioner recommended Bob Thompson, Assistant Commissioner, Bureau of Administration and
Linda Harrod, Fiscal Director to replace Mr. Conner as agents for the board. He recommended the
reappointment of Scott Clarke, Assistant Commissioner, Bureau of Banks and Trust Companies. Ms.
Gernentz made a motion to accept Robert Thompson, Linda Harrod and Scott Clarke as agents of the
Board. Mr. Plummer seconded the motion and the motion was unanimously approved.

REVIEW OF FINANCIAL REPORT

Bob Thompson gave a report on the financial status of the foundation and reviewed the balance sheet for
the 6 month period ending December 31, 2000. Total liabilities and fund equity equaled $1,290,335.22.
Total net income for the period came to $38,224.73. The IBEEF fund incurred an expense of $35.00 for a
wire transfer fee, which was reflected in the report. The statement of cash had an ending balance of
$1,217,635.03. Also incurred was a $20.00 expense from the prior fiscal year, for payments made to the
Sangamon County Recorder and to the Secretary of State in conjunction with the day to day operations of
the Illinois Bank Examiners’ Education Foundation.
Mr. Plummer made a motion to approve the report as submitted to the Board. Ms. Gernentz seconded the
motion. The motion passed unanimously.

APPROVAL OF EXPENDITURES

Mr. Clarke requested a motion to approve the expenditures on the financial report. Ms. Gernentz moved
to approve the expenditures as stated in the report. Mr. Plummer seconded the motion. The motion
passed unanimously.

Mr. Clarke reminded the Board that at their last meeting, authorized blanket expenditures in amounts not
to exceed $100.00 in aggregate during the period August 2, 2000 through July 31, 2001 for routine
expenses associated with the day to day operations of the Illinois Bank Examiners’ Education Foundation.
All such expenditures shall be drawn upon the Transactions Account on deposit with the Marine Bank,
Springfield, Illinois after obtaining any two of the necessary authorized signatures.

APPROVAL OF INVESTMENTS

Young Brockhouse reported that state banks were solicited for 12 and 24 month rates on CD's. Just
under 40 bids were received. There are 3 CD's for $100,000 and one CD for $75,000 that needs to be
reinvested. Mr. Brockhouse proceeded to go over the top three CD rates in each category. The
Commissioner stated that he would like to see the Board invest the CD's in different counties
throughout the state. Both Board members agreed with him. Ms. Gernentz made a motion to invest the
CD's as follows:

$100,000 for 24 months at the State Bank of Herscher at 6.15%
$100,000 for 12 months at Brimfield Bank at 6.35%
$100,000 for 12 months at Raritan State Bank at 5.95%
$ 75,000 for 12 months at Leaders Bank at 5.94%

Mr. Plummer seconded the motion and it was unanimously approved.

Mr. Plummer made a motion to withdraw the $75,000 from the Transactions Account on deposit with the
Marine Bank, Springfield, Illinois and then invest it in a 12 month CD with Leaders Bank at 5.94%. The
motion was seconded by Ms. Gernentz and was unanimously approved

OTHER BUSINESS

The Commissioner asked when the next meeting would take place. Mr. Clarke stated that it would take
place in about six months. That is when the other CD's invested would be maturing. The Commissioner
made a suggestion to staff that the Board members be contacted a month in advance of the CD maturing
to check schedules for the next Board meeting.

ADJOURMENT

Mr. Plummer made a motion to adjourn. The motion was seconded by Ms. Gernentz and was
unanimously approved. The meeting adjourned at 2:15 p.m.

				
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