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.

The Chicago-based company also was to submit a plan within 60 days to “maintain sufficient capital.” No specific capital levels were specified in the 15-page agreement.

In a written statement Monday, First Chicago Bancorp noted that like many Chicago banking companies, it has been confronting “significant credit quality challenges during the recession.”

“To respond to these challenges and maintain the financial condition of the company and its subsidiary First Chicago Bank & Trust, in September of 2009 the company raised $43.5 million of new capital through the sale of common stock,” the company said. “First Chicago has continued to pursue additional capital for the company and the bank, and expects to complete a second offering of stock during the current quarter.”

It declined to say how much more it would raise.

The bank must stop accepting new brokered deposits and must not pay any dividends without regulatory approval, according to the March agreement.

Its previous capital raise was from existing investors. The bank has about $1.1 billion in assets.

Its holding company is First Chicago Bancorp. Castle Creek Capital III LLC, an investment fund, owns 40.6 percent of the company.