The cost of maintaining a checking account rose to an all-time high this year, with much of the increase coming from the fees assessed to maintain both interest and non-interest-bearing accounts rising 40 percent. Get the full story »
Filed under: Banking
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Regulators seize Maywood bank
Regulators have shut down First Suburban National Bank of Maywood, Ill., late Friday and sold its $140 million in deposits to Seaway Bank and Trust Co. of Chicago.
Depositors of the First Suburban National Bank will be protected by the purchase deal with Seaway Bank and Trust. The four branches of First Suburban National Bank will reopen Saturday as branches of Seaway Bank and Trust. Seaway did not pay a premium.
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Park National parent to pay $264 million
A 2009 lawsuit filed against the owner of Chicago-based Park National Bank by a consortium of large banks has ended with a consent judgment requiring it to pay $264.2 million.
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MB Financial swings to loss in third quarter
Bank holding company MB Financial Inc. said Friday it recorded a loss for the third quarter as its provision for loan losses grew $20 million from a year earlier. Get the full story »
Wilmington Trust said to seek buyers
From Bloomberg News | Delaware bank Wilmington Trust Corp. has been contacting bigger lenders in recent weeks to gauge their interest in buying the company, said people with knowledge of the matter.
PNC Financial profit surges as loan losses ease
Regional bank operator PNC Financial Services Group Inc. said Thursday that its third-quarter income nearly doubled as it set aside sharply less money to cover bad loans. Get the full story »
Oct. 21, 2010 at 11:55 a.m.
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Filed under: Banking, Chicago executives, Earnings, Mortgages, Real estate Cole Taylor parent makes first profit in 3 years
Mark Hoppe said it has taken more than 990 days, but the chief executive of Taylor Capital Group Inc. said the parent of Cole Taylor Bank has finally turned a quarterly profit.
“Wow, that feels good,” Hoppe, who joined the Chicago-based company from LaSalle Bank in 2008, told analysts during a conference call Thursday morning to discuss third quarter earnings.
But he said he’s “not standing on an aircraft carrier like George W. Bush did.” Get the full story »
Northern Trust reports 17% drop in 3Q
Northern Trust Corp reported a 17 percent decline in third-quarter profit, falling short of Wall Street forecasts, as the financial services group earned less for loaning out securities.
The Chicago-based company said net income was $155.6 million, or 64 cents per share, down from $187.9 million, or 77 cents, a year earlier. Analysts had expected 71 cents a share, according to Thomson Reuters I/B/E/S. Get the full story »
Morgan Stanley posts 3Q loss on special charges
Morgan Stanley became the latest investment bank to report weaker results Wednesday from a trading slowdown during the summer, reporting a net loss during the third quarter as revenue fell 20 percent.
U.S says foreclosure problems were not systemic
The Obama administration said Wednesday that it found no sign of “systemic” troubles s with U.S. home mortgages, as banks sought to play down a crisis over accusations of shoddy foreclosure practices.
But Housing and Urban Development Secretary Shaun Donovan insisted the government would “take every action” to press banks to fix paperwork problems at the core of a foreclosure crisis that has put major financial firms on the hot seat. Get the full story »
First Midwest stock hit as 3Q results come up short
First Midwest Bancorp Inc., the $8.38 billion-asset parent of First Midwest Bank, missed Wall Street’s expectations for its third-quarter results, sending the Itasca-based lender’s shares down 13.7 percent in mid-afternoon trading.
By some measures, credit trends took a turn for the worse. Get the full story »
Wells Fargo earnings rise to $3.15 billion
Wells Fargo & Co.’s income rose 19 percent in the three months ending in September as losses from failed loans continued to fall.
Wells Fargo’s net income after paying preferred dividends was $3.15 billion, or 60 cents per share, ahead of the 55 cents per share analysts were expecting, the San Francisco bank reported Wednesday. The bank earned $2.64 billion, or 56 cents per share, in the same period a year earlier.
Goldman Sachs profit beats estimates
Goldman Sachs Group Inc.’s earnings easily beat analysts’ forecasts again, but the bank saw a big slowdown in trading, its most profitable business.
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FDIC lowers expected cost of bank failures by $8B
Federal regulators have lowered the estimated cost of bank failures by $8 billion over four years and are proposing no increase in the fees banks pay to replenish the fund that insures deposits. Get the full story »
BofA says it lost $7.7B on tied to credit reform
Bank of America Corp. said Tuesday it lost $7.65 billion during the third quarter due to a charge related to credit and debit card reform legislation passed over the summer.
