"Landep News"
First Chicago Bank
Friday was a sad day for the First Chicago Bank & Trust, because it collapsed and all its assets and deposits became the property of the Wintrust Financial Corp located in Lake Forest.
The Wintrust Company has assets of around $14.1 billion. Since April, last year, Wintrust has managed to acquire six collapsed lenders which provided total assets of $1.9 billion. Unfortunately, the First Chicago bank follows the other four Illinois banks that have collapsed in 2011. This bank had assets amounting $959 million on March 31 and after continuing its activity under regulatory scrutiny for one year, in April 2011 it received the “significantly undercapitalized” status and as deadline the beginning of June to find money in order to be classified as “adequately capitalized”. The banks officials tried to raise around $50 million but apparently failed and now are left with having to face a take over.
The Northbrook Bank & Trust Co., a company owned by Wintrust will take care of the bank’s deposits. The First Chicago Bank is in fact the result of a 2006 merge between the Labe Bank and the Bloomingdale Bank. The assets that resulted from this merge were worth $1 billion. Right now, the bank’s future remains unknown and it’s very likely that in the future the business won’t be named the same.
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