MB Financial, the Chicago-based middle-market bank whose earnings have come up short recently and which has expressed pessimism about the economy, is shaking up its leadership ranks, including in its commercial banking arm, the Tribune has learned. Get the full story »
Filed under: Banking
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Jamie Dimon slashes price on Gold Coast mansion
ELITE STREET | By Bob Goldsborough | JPMorgan Chase & Co. Chairman and Chief Executive Officer Jamie Dimon has slashed the asking price of his 18-room Gold Coast mansion from $9.5 million all the way down to $6.95 million.
The Tribune has learned that the eight-bedroom, 13,500-square-foot mansion now is listed for slightly more than half of Dimon’s original $13.5 million asking price for the home in 2007. Now based in New York, Dimon, 54, paid $4.68 million for the mansion in 2000. Get the full story »
MB completes deal serving minors, disabled
Chicago-based MB Financial Bank has completed its acquisition of the Illinois guardianship and special needs trust business of U.S. Trust, an arm of Bank of America. Get the full story »
Sep. 2, 2010 at 11:22 a.m.
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Filed under: Bank failures, Banking, Consumer news, Investing ShoreBank successor boosts online savings rates
Urban Partnership Bank, the successor to the recently failed ShoreBank, has already boosted the interest rates on a couple of savings accounts for its online ShoreBank Direct.
The ShoreBank Direct Online Savings Account now pays a 1.25 percent annual percentage rate with a $100,000 minimum balance, up from 1.19 percent. It also pays 1.2 percent for balances of less than $100,000, up from 1.03 percent.
The rate hikes were first reported by www.depositaccounts.com, a tracker of bank account trends. Get the full story »
Heartland to pay Discover $5M for data breach
Payments processor Heartland Payment Systems Inc. on Wednesday said it will pay $5 million to Discover Financial Services Co. to resolve issues between the companies related to a 2008 data breach.
‘Free’ business checking grows, survey finds
More than 90 percent of the nation’s biggest banks are offering free checking for businesses, up from 64 percent in 2009, according to a new survey of 2,300 banks by Moebs Services.
“The Wall Street banks want small-business checking, and it shows in the substantial increase in offerings from 2009,” said Mike Moebs, economist and chief executive of the Lake Bluff-based financial services data firm.
Get the full story »
Notebook: Canning’s son opens grocery store
In 2006, Madison Dearborn Partners LLC Chairman John Canning told the Tribune that he’d love to see his son, then a chef in Boston, return to Chicago to start his own business.
The private equity executive has gotten his wish.
Tim Canning, 34, has opened Lemon Tree Grocer about 100 yards from the Metra stop in Downers Grove. The high-end market has more than 40 full- and part-time workers, including a butcher that can work his way through a whole cattle and explain cuts of beef. It’s the first business that the younger Canning has started. Get the full story »
Northern Trust receives Beijing branch license
Northern Trust Corp. said Tuesday it received a branch license in Beijing, allowing the bank and asset manager to directly provide client services from that office rather than from a representative office in Singapore or Hong Kong.
Citizens Bank & Trust execs sued over non-payment
The brothers who helped run failed Citizens Bank & Trust Co. of Chicago are being sued in Cook County Circuit Court over an alleged non-payment of almost $1.6 million.
Delta Trading Co. of Chicago is suing Robert and George Michael for breach of contract.
It said that in January 2007, the brothers borrowed nearly $1.6 million from Marshall & Ilsley Bank. In June 2010, M&I assigned its rights under the note to Delta. Get the full story »
Chicago business, civic leader Heytow dies
From Crain’s Chicago Business | Eugene Heytow, who headed Amalgamated Bank, the McCormick Center Hotel and the forerunner to the McPier board, has died at 76.
Fed’s Bullard: Crisis only test for bank safeguards
A senior Federal Reserve policymaker said Monday it may be impossible to test new measures to limit systemic risk in the banking system before the next financial crisis.
St. Louis Fed President James Bullard said the credibility of too-big-to-fail elements in the sweeping financial reform bill rested on them being tested in practice. Get the full story »
ShoreBank’s buyer lays off 60 employees
An exterior view of ShoreBank at 3401 S. King Drive on the South Side, May 18, 2010. (Chris Walker/Chicago Tribune)
The company that bought ShoreBank has cut about 60 of the more than 300 positions at the recently failed South Side lender.
Urban Partnership Bank, the newly formed group that on Aug. 20 acquired ShoreBank through a deal brokered by the Federal Deposit Insurance Corp., said the job cuts were “a difficult decision.”
But “a smaller workforce is needed going forward in order for Urban Partnership Bank to continue the mission and to be a strong, sustainable player in our communities,” said Brian Berg, spokesman for Urban Partnership Bank. Get the full story »
Urban Partnership Bank names board
Urban Partnership Bank, the newly formed group that last week bought failed Chicago-based ShoreBank, has named five-people to its board of directors.
It includes three former First Chicago executives who had joined ShoreBank in recent months during its last-ditch and ultimately unsuccessful effort to raise capital so state and federal regulators wouldn’t seize it.
Those are David Vitale, who, as previously reported, will serve as chairman; William Farrow, who, as reported, will be president and chief executive officer; and Eileen Kennedy, another former First Chicago executive who had joined ShoreBank in recent months. Get the full story »
Aug. 27, 2010 at 4:21 p.m.
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Filed under: Bank failures, Banking, Economy, Investing, Policy Fed gets 60-day delay on bailout disclosure
A U.S. appeals court granted the Federal Reserve a 60-day delay in implementing a ruling to force the central bank to reveal details of its emergency lending programs to banks during the financial crisis. Get the full story »
