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By Becky Yerak | First Chicago Bancorp, the parent of First Chicago Bank & Trust, said it expects to complete a second offering of stock this quarter as it tries to raise needed capital.
The bank lost $7.6 million in the first quarter. While its capital levels are at least adequately capitalized, in March it was ordered by U.S. and state banking regulators to strengthen management, improve lending procedures and reduce its reliance on commercial real estate.
From Crain’s Chicago Business | North Texas investment bank Allegiance Capital has opened an office in Willis Tower in Chicago with two bankers. Allegiance has a total employee headcount of 42 at its
seven offices in Chicago, Dallas, Minneapolis, Seattle, New York,
Shanghai and Madrid.
Get the full story: chicagobusiness.com.
By Becky Yerak |
ShoreBank’s capital deficiency worsened in the first quarter, and the
Chicago-based lender to hard-hit areas now needs to raise at least $179
million to meet targets set out in March by state and U.S. banking
regulators.
By Becky Yerak | ShoreBank lost $17.3 million in the first quarter and saw its capital
ratios worsen at a time when it’s trying to raise capital from both
existing and new investors.
The undercapitalized bank, besides hoping to tap such existing investors
as JPMorgan Chase and Citigroup, also wants to try to raise money from
State Farm, which has a tentative commitment. It also plans to hit up such
local institutions as Northern Trust, Wintrust and MB Financial, a
person familiar with ShoreBank’s situation said.
By Becky Yerak | PNC,
which has 139 Chicago-area branches through its recent acquisition of
National City, plans to add 12 new area branches a year, for a total of 60, starting in
2010 and through 2014. “We aren’t in all the neighborhoods we want to be in,” James Rohr, PNC
Financial Services Group chairman and chief executive, said on a visit
to Chicago on Friday.
By Becky Yerak |
Lake Forest-based Wintrust Financial, which operates 15 community
banks, said the two failed lenders it bought Friday on Chicago’s North
Side and in Naperville will plug geographic holes.
“Those are two areas we’re not in at this point in time,” Chief
Executive Ed Wehmer said Wednesday in an earnings conference call.
Tribune staff report | The stock of Cole Taylor Bank’s parent
company was down 17 percent, to $13.49 a share, in late-day trading Wednesday after the
Rosemont-based lender reported worse-than-expected financial results.
For the quarter ended March 31, Taylor Capital Group Inc. reported a net
loss of $13.6 million, or $1.30 a diluted share, compared to a net loss
of $5.7 million, or 54 cents a share, a year-earlier.
Associated Press | The CEO of Goldman Sachs testily defended his company’s ethics and business practices during the nation’s financial crisis on Tuesday, saying customers who bought securities from the Wall Street giant came looking for risk “and that’s what they got.”
“Unfortunately, the housing market went south very quickly,” Lloyd Blankfein told skeptical senators on an investigatory panel. “So people lost money in it.”
Get the full story: Goldman CEO denies wrongdoing in crisis.
From Crain’s Chicago Business | The Federal Deposit Insurance Corp. has begun soliciting bids for Midwest Bank & Trust Co., signaling that the ailing Elmwood Park-based bank could be seized as soon as May 14.
Get the full story: chicagobusiness.com.
By Becky Yerak | MB
Financial Inc., which last Friday bought its fifth and sixth failed
banks since 2009, said Monday that it has the wherewithal to pick up
more collapsed banks even as it digests newly acquired Broadway Bank and
New Century Bank.
The Chicago-based bank said traditional mergers and acquisitions
involving sounder banks are probably unlikely for the foreseeable
future. It’s safer to stick with deals in which the Federal Deposit
Insurance Corp. shares losses on the collapsed lenders, MB’s chief
executive said Monday.
By Becky Yerak | PrivateBancorp Inc. stock was down 13.5 percent to $14.77 a share in
midday trading, after swinging to a first-quarter loss that was bigger
than analysts’ estimates as set-asides for potential loan losses
quadrupled.
In a conference call Monday morning, the Chicago-based lender, which grew rapidly after hiring dozens of former LaSalle Bank executives, also
declined to say whether it would return to profitability in 2010.