First Chicago fails, Wintrust resumed assets - Chicago Tribune

By the journalist from the rostrum of Becky Yerak 6: 18 p.m. CDT, July 8, 2011First Chicago Bank & Trust is not Friday and its deposits and assets were taken over by Lake Forest Wintrust Financial Corp.. Since April 2010, Wintrust, which has assets of $ 14.1 billion, has acquired six lenders to is collapsed with total assets of approximately $ 1.9 billion.

First Chicago is the fifth Bank of Illinois at the failure of this year.

First Chicago, which included 959 million dollars in assets at March 31, led by a regulatory review for more than a year. In April, he had fallen to the status of "significantly undercapitalized" and was given a deadline of early June to raise enough money to be regarded as "adequately capitalized." The Bank, whose main investor was a company private in California, sought to collect approximately $ 50 million.

The FDIC said that Northbrook Bank & Trust Co. will assume the deposits of first Chicago. Northbrook is the property of Wintrust.

Wintrust, who has already paid back the money that he borrowed pursuant to Troubled Asset Relief Program of the Department of the Treasury, was the most active recently picking up the banks with stranded in the Chicago area, their folding in the 15 community banks that it owns.

First Bank of Chicago is the product of two community banks in the Chicago area. In the fall of 2006, Bank Labe and Bloomingdale Bank and trust unite to create a bank with combined assets of more than 1 billion. December 11, 2006, the Bank officially became First Chicago Bank & Trust and the holding company becomes first Bancorp in Chicago.

It is not clear if the name of first Chicago will become available again. A previous first Chicago was bought by Chase.

Does not this year in Illinois: Western Springs National Bank & Trust, Bank of Commerce, the Community Bank Valley and community first Bank Chicago.

According to its Web site, first Chicago has three locations in Chicago and Norridge, Park Ridge, Itasca and Bloomingdale.

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