A Chicago-area bank whose chief executive met with President Obama last December to discuss small-banking matters has been ordered by the nation’s thrift regulator to maintain certain capital levels, among other things.

Matt Gambs, who in 2008 joined Schaumburg-based Diamond Bank as its new chief executive, said that earlier this week members of its board of directors, including existing investors, pumped $1 million in fresh capital into the closely held lender, which also has a branch near the intersection of Clark and North in Chicago. Get the full story »