Crain’s Chicago Business | Urban Partnership Bank, the successor to the failed South Shore Bank, plans to open a branch in the Loop this summer. It has leased space at 55 E. Jackson Blvd. for the branch.
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Fed to identify banks that drew emergency loans
The Federal Reserve plans to release documents on Thursday identifying financial companies that received Fed loans to survive the financial crisis. Get the full story »
Warren vs. Dimon on financial regulation
Elizabeth Warren, left, and Jamie Dimon. (AP Photo/Manuel Balce Ceneta; Simon Dawson/Bloomberg)
Elizabeth Warren, the Obama administration’s defender of financial consumers, will venture into the corporate lion’s den this week, along with Jamie Dimon, CEO of banking giant JPMorgan Chase & Co.
The two will be speakers at an event set for Wednesday at the U.S. Chamber of Commerce, the country’s largest business lobbying group, in its Corinthian-columned headquarters situated within view of the White House.
Regulators seize Bank of Commerce in Wood Dale
U.S. regulators Friday seized an Illinois bank, the third in the state to fail this year.
The Federal Deposit Insurance Corp. said Friday that the sole office of the Bank of Commerce, of Wood Dale, Ill., was closed. Advantage National Bank Group, of Elk Grove Village, Ill., entered a purchase-and-assumption agreement with the FDIC to assume all of Bank of Commerce’s deposits. Get the full story »
Number of tainted foreclosures in question
A Reuters analysis raises doubts about a widely cited statement by U.S. Comptroller of the Currency John Walsh that only a “small number” of wrongful foreclosure sales have occurred despite widespread misdeeds by banks that are the leading mortgage loan servicers. Get the full story »
Chief critic Thomas Hoenig to retire from Fed
Federal Reserve Bank of Kansas City President Thomas Hoenig will retire Oct. 1, marking nearly four decades of central bank service. Get the full story »
Northern Trust to buy Citadel unit
Chicago-based Northern Trust Corp. has agreed to buy hedge fund manager Citadel LLC’s fund administration business, Omnium LLC, a person familiar with the situation said Thursday. The value of the deal was not known. Get the full story »
Fed, in historic shift, to brief media on policy
Federal Reserve Chairman Ben Bernanke will start holding regular media briefings on monetary policy next month, a historic shift to greater openness at the traditionally secretive U.S. central bank. Get the full story »
Fed tells Bank of America to rein in dividend plan
Bank of America Corp. said it needs to revise its plans to boost dividends in the second half of 2011 after regulators objected to the proposal. Get the full story »
Harris Bank parent aims for five-fold profit jump
Bank of Montreal aims to more than quintuple annual earnings from its U.S. operations, following the $4.1 billion acquisition of U.S. lender Marshall & Ilsley. Get the full story »
BofA testing video ATMs linked to tellers
People using Bank of America ATMs in Washington, D.C. (Nicholas Kamm/AFP/Getty Images)
Bank of America, which continues to prune its branch network nationwide, is piloting the use of video-enabled ATMs where consumers can talk to a remote teller, Bank of America Chief Executive Brian Moynihan said on a visit to Chicago Tuesday.
“Branch design in the future will be different,” Moynihan, who took the top job of the Charlotte, N.C.-based megabank last year, said. He didn’t have information on where the pilots were under way. Get the full story »
Tyree remembered for ‘hands-on’ style
Jim Tyree in 2009. (Brian Cassella/Chicago Tribune)
Mesirow Financial colleagues, a U.S. Senator, a governor and neighborhood folks from the South Side were among those who jammed into Old St. Patrick’s Church Monday night to attend a funeral Mass for James Tyree, the financier and Sun-Times owner who died last week at age 53.
The first of three eulogies was given by Richard Price, a longtime Mesirow executive who has replaced Tyree as chairman and chief executive of the Chicago-based financial services firm.
Price, whose voice wavered on at least a couple of occasions, said his business partner had a “desire to be hands-on,” noting that 55 of Mesirow’s 1,200 workers reported directly to him. The two executives were tight, even vacationing together with their families. Get the full story »
Washington Mutual clears Chapter 11 hurdle
Washington Mutual on Monday won court approval to move to the next stage in its renewed attempt to exit bankruptcy but was told to spell out what effect suspicions of insider trading could have on the $7 billion distribution plan.
Judge Mary Walrath said the company, the former parent of Washington Mutual Bank, or WaMu, can send out its revised plan to creditors for a vote after supplementing it with an analysis of what could happen if there is proof of insider trading. Get the full story »
Citi to resume dividend, sets reverse split
Citigroup Inc. said Monday it plans to reduce the number of outstanding common stock shares, and to reintroduce a dividend beginning in second quarter 2011. Get the full story »
Mesirow names Price chairman and CEO
From Crain’s Chicago Business | Mesirow Financial Holdings Inc. has named President and Chief Operating Officer Richard Price, 63, its new chairman and CEO following the death of Jim Tyree, who had held the roles for 17 years. Get the full story>>
