Highlights
LaSalle Bank, the Chicago area's second-biggest bank in deposit market share, was bought by Bank of America Corp., the nation's second-biggest bank, on Oct. 1, 2007. Not since the 2004 acquisition of Bank One by JPMorgan Chase has there been the promise of so much churn on the Chicago banking landscape. Although LaSalle had long been owned by a Dutch company, ABN Amro, the purchase by Bank of America meant the end of the LaSalle name, which has a 67-year tradition in Chicago. Overnight, the deal made Bank of America -- previously not among Chicago's 10 biggest banks -- the leading financial institution in the Windy City, narrowly edging out Chase. Bank of America has said it plans to cut 2,5...
LaSalle Bank, the Chicago area's second-biggest bank in deposit market share, was bought by Bank of America Corp., the nation's second-biggest bank, on Oct. 1, 2007. Not since the 2004 acquisition of Bank One by JPMorgan Chase has there been the promise of so much churn on the Chicago banking landscape. Although LaSalle had long been owned by a Dutch company, ABN Amro, the purchase by Bank of America meant the end of the LaSalle name, which has a 67-year tradition in Chicago. Overnight, the deal made Bank of America -- previously not among Chicago's 10 biggest banks -- the leading financial institution in the Windy City, narrowly edging out Chase. Bank of America has said it plans to cut 2,500 Illinois jobs in the wake of its purchase of LaSalle. Other banks have sought to take advantage of the upheaval by hiring former LaSalle workers and by trying to position themselves as Chicago's pre-eminent middle-market commercial bank, a status that had been previously enjoyed by LaSalle. For its part, Bank of America has said it plans to aggressively compete for customers across all business lines in both Chicago and Michigan, another LaSalle stronghold.
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Executive shifting to consultant role
Jeffrey Taylor, part of the family that has run Rosemont-based Taylor Capital Group Inc. for three generations, will leave his executive managing director job at the parent of Cole Taylor Bank and become a consultant for the $3.72 billion-asset bank...Tags: Taylor Capital Group Incorporated
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Jeffrey Taylor leaves management of family's banking firm
Tribune reporterJeffrey Taylor, part of the family that has run Rosemont-based Taylor Capital Group Inc. for three generations, will leave his executive managing director job at the parent of Cole Taylor Bank and become a consultant for the $3 billion-asset bank. The...Tags: Contracts, Taylor Capital Group Incorporated
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BofA to assimilate LaSalle customers
Next month, Bank of America Corp. will face another test in its acquisition of LaSalle Bank's retail operations. Existing accounts at what had been the Chicago area's second-biggest deposit gatherer will be moved to BofA on Oct. 20, as the two...Tags: Bank of America Corp., J.P. Morgan Chase & Co., Mergers, Acquisitions and Takeovers
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Investor group hopes to buy at least 10% of Taylor Capital
Chicago Tribune reporterA group of investors led by Harrison Steans said it will seek permission from the Federal Reserve to acquire at least 10 percent of Taylor Capital Group Inc., a Rosemont-based bank that is publicly traded but run by the Taylor family. As it reported a...Tags: Federal Reserve, Stocks, Stock Activities, Taylor Capital Group Incorporated
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Group plans to acquire stake in Taylor Capital
Tribune staff reporterA group of investors led by Harrison Steans said it will seek permission from the Federal Reserve to acquire at least 10 percent and "thereby control" of Taylor Capital Corp., a Rosemont-based bank that is publicly traded but run by the Taylor family...Tags: Federal Reserve, Corporate Officers, Management Change, Mergers, Acquisitions and Takeovers
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Area banks slug it out in bruising fray
At a bank conference in Chicago this week, Midwest Banc Holdings Inc. Chief Executive James Giancola noted that his Melrose Park-based institution was one of the area's biggest deposit gatherers. With $2.5 billion in deposits, Midwest ranks ninth among...Tags: Corporate Officers, Chicago Public Schools, HSBC Holdings Plc, Taylor Capital Group Incorporated, Midwest Banc Holdings Incorporated
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Real estate transactions
The following residential real estate sales for the city of Chicago were recorded in March and April. The home sales data come from Record Information Services Inc., which provides a variety of public record data to business, government and consumers. RIS...Tags: Genuine Parts Company, Parkway Bank, Financial and Business Services, Real Estate Transactions, Robert Preston
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Chicago-area banks post losses
Chicago Tribune reporterPrivateBancorp Inc., which has hired dozens of lenders from recently acquired LaSalle Bank, increased its loan volume by 25 percent in the second quarter, with most of the growth occurring from previous relationships its lenders had at LaSalle, the...Tags: PrivateBancorp Incorporated, Consumer Confidence, Mergers, Acquisitions and Takeovers, Economy, Quarterly or Semiannual Financial Statements
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Man allegedly forged check to buy rare Spider-Man comic
A Des Plaines man has been indicted on charges that he used a forged check to buy a rare 1963 Spider-Man comic book from a Naperville store for $980. Scott Meherg, 27, of the 9100 block of Hollyberry Avenue, was indicted Tuesday by a DuPage County...Tags: Naperville, Des Plaines, Spider-Man
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Woman charged in baby death pleads guilty to 2 bank heists
A former Lake in the Hills woman accused of killing her newborn pleaded guilty Friday to the armed robbery of two banks last year, federal authorities said. Lyndsey R. Tucker also faces involuntary manslaughter and concealment of a homicide charges for...Tags: Trials, Theft, Prosecution, Bank of America Corp., Bank Robbery
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In commercial projects, lending again personal
The Wall Street JournalAfter a decade of easy lending, the personal guarantee is making a comeback in the real-estate industry, and with it the tough terms borrowers didn't miss. As loans for commercial projects have become difficult to come by, borrowers are being forced to...Tags: Housing Industry, Donald Trump, Property, Franklin Templeton Limited Duration Income Trust, Santa Monica
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Troubles building for stocks of local banks
Chicago Tribune reporterStocks of nine publicly traded midsize local banks are trading at or near 52-week lows, and analysts say challenges could persist for several of them in coming quarters. On Tuesday, the Dow Jones industrials gained more than 150 points, encouraged in...Tags: Weather Reports, Bank of America Corp., Chicago Weather, Corus Group Plc, Freddie Mac
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