Top executives at JPMorgan Chase & Co. got blunt warnings about speculation that Bernard Madoff was running a Ponzi scheme but appear to have been concerned only with protecting the bank’s investments, the trustee seeking to recoup $6.4 billion for Madoff investors said. Get the full story »
Filed under: Banking
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Feb. 3 at 11:39 a.m.
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Filed under: Banking, Commercial real estate, Earnings, Real estate, Stock activity Old Second Bancorp’s stock falls on 4Q loss
The stock of $2.12 billion-asset Old Second Bancorp Inc. was down 16.6 percent in late morning trading as the troubled Aurora-based lender reported a fourth-quarter loss of $76.6 million, or $5.48 a share. Get the full story »
Northern Trust to sponsor gay exhibit at Chicago History Museum
Northern Trust Corp., which last month launched a practice catering to the lesbian, gay, bisexual and transgender community, will be the lead corporate sponsor for the “Out in Chicago” exhibition opening May 21 at the Chicago History Museum.
The museum has shown a lecture series focusing on LGBT issues annually for the past eight years, but said this year will mark “the first time that a mainstream urban history museum exhibition” examines the LGBT community.
The exhibit, which runs through early 2012, features several themes, including the stories of gay Chicagoans, past and present, the building of families and homes, the evolution of communities and city neighborhoods and political activism. Get the full story »
Fifth Third Bank repays bailout money
From DealBook | Midwestern bank Fifth Third Bancorp said Wednesday that it has repaid the $3.4 billion bailout money it received from taxpayers at the height of the financial crisis.
Execs position former ShoreBank for growth
William Farrow, 55, remembers trying to scrape together enough money to attend graduate school.
A product of Chicago’s Englewood neighborhood, Farrow had graduated from Augustana College in Rock Island in 1977, but got nowhere in obtaining a student loan from a couple of banks. But when he visited a branch of Northern Trust Corp., the Chicago-based bank lent him $1,500. The son of two teachers was on his way to a master’s in management from Northwestern University in 1979. Get the full story »
Cole Taylor swings to loss in 4Q
Hit by increases losses in its credit portfolio, Taylor Capital Group Inc., the parent of Cole Taylor Bank, reported Friday a fourth-quarter loss of $38.5 million , or $2.21 a share, compared to year-ago quarterly earnings of $30.7 million, or $1.57 a share. Get the full story »
Countrywide hit with 3 more investor suits
Bank of America Corp.’s Countrywide mortgage unit was hit with at least three new lawsuits accusing it of misleading investors about its finances and lending practices, and may face more by investors who chose not to join a recent class-action settlement.
Wednesday’s lawsuits by the states of Michigan and Oregon and by Fresno County in California were filed five days after Bank of America said it may incur an additional $6.1 billion of writedowns and legal costs tied primarily to Countrywide, which it bought in July 2008. Get the full story »
Associated Bank appoints staff for Chicago effort
Associated Bank, a Green Bay-based bank that has been on a hiring spurt in the Chicago area and seeks to crack the Top 10 in deposit market share here in the next five years, on Thursday announced seven personnel appointments in its retail division, including a new retail director for Illinois and a senior residential sales manager for Chicago. Get the full story »
Jan. 25 at 5:55 p.m.
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Filed under: Banking, Economy, Housing, Investing, Mortgages, Real estate, Regulations Risk taking, lax oversight cited for financial crisis
The Financial Crisis Inquiry Commission has concluded that the 2008 financial crisis in the U.S. was caused by a combination of corporate errors, regulatory failure and excessive risk-taking by Wall Street firms, the New York Times reported online Tuesday. Get the full story »
PrivateBancorp targets toxic commercial real estate loans
PrivateBancorp Inc.’s quarterly profit beat analysts’ estimates as its loan loss provisions halved and the lender expects to reduce its exposure to toxic commercial real estate loans this year.
The bank’s shares rose as much as 7 percent, to a high of $16.09, Tuesday morning on the Nasdaq. They pared some of the gains to close up 1.2 percent, at $15.19, at nearly three times the usual volume. Get the full story »
Suit charges Countrywide with ‘massive fraud’
Countrywide Financial, a unit of Bank of America Inc., conducted a “massive fraud” over its mortgage-backed securities, according to a lawsuit brought by investors, including TIAA-CREF Life Insurance Co., New York Life Insurance Co. and Dexia Holdings Inc., Bloomberg News reported Tuesday on its Web site. Get the full story »
Wintrust looks at multiple acquisitions
OMG. That’s what Wintrust Financial Corp. Chief Executive Ed Wehmer, whose Lake Forest-based company is the first locally headquartered mid-sized bank to repay its bailout money to the U.S. Treasury Department, says he has said when looking at 20 to 25 potential acquisitions recently.
Wintrust hasn’t pulled the trigger on any of them because of their credit problems.
“You get in there, and you go, ‘Oh my God,’” said Wehmer, whose $14 billion-asset company owns 15 banks. Also, the potential acquisition targets didn’t have that great of a franchise, he said. Get the full story »
U.S. Bank may end free checking
U.S. Bank is one of the last of the megabanks to offer free checking. But that may be about to end.
The Minneapolis-based bank recently hinted that it will add fees to its checking accounts — and even possibly to its debit cards — as it attempts to recoup revenue lost under new regulations. Get the full story »
Top court backs JPMorgan Chase fee hikes
The Supreme Court ruled Monday that JPMorgan Chase & Co under an old federal regulation did not have to provide written notice before raising credit card interest rates to account holders who defaulted on a payment. Get the full story »
Naperville Bank buying post office building
From TribLocal | Naperville Bank and Trust has its eyes on the historic downtown Naperville post office building, and the plan is moving forward after a contract was agreed upon Thursday.
