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Harris, the Chicago market’s third-biggest bank, is making it tougher for depositors to qualify for free checking.
Following in the footsteps of market share leaders Chase and Bank of America, Harris has become the latest bank to make consumers jump through more hoops if they want to keep free checking. Until recently, the U.S. unit of Canada’s BMO Financial had a free checking account with no monthly fees and no minimum balance or direct-deposit requirements. Get the full story »
Bank of Montreal will drop the Marshall & Ilsley Corp. name when it combines the troubled Wisconsin lender with its existing U.S. retail unit this summer.
The Toronto-based bank will rename the combined U.S. retail bank BMO Harris Bank, a name that it said tested well in several markets, including Milwaukee and Chicago. BMO’s U.S. consumer bank was previously known as Harris Bank. The bank’s acquisition of Marshall & Ilsley, announced in December, is expected to be completed before July. Get the full story »
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 »
Employment in BMO Financial’s U.S. personal and commercial banking operations, which consists mainly of Harris Bank, fell to 3,965 in the first quarter, down from 4,456 jobs in the fourth quarter.
The Canadian bank released its first-quarter financial results on Tuesday. In an afternoon conference call with Wall Street, an analyst asked BMO about the cutting of 491 jobs, or 11 percent of its personal and commercial banking operations in the United States. Get the full story »
Bank of Montreal’s first-quarter profit rose 18 percent due to stronger loan growth and investment banking fees, and the bank said it will issue less stock than previously expected to pay for its acquisition of Wisconsin bank Marshall & Ilsley Corp. Get the full story »
Trib Local | No qualified bids were made for the Riverside Square development in Algonquin, so a demolition hearing is the next step for the unfinished project once owned by Amcore Bank.
New Lenox village government has a new banker.
The Village Board this week approved an ordinance switching its account from Harris Bank to Old Plank Trail Community Bank.
The village has had its banking services handled by the former New Lenox State Bank, now Harris, since the village incorporated in 1946. But after Harris recently began charging fees, Finance Director Kim Auchstetter recommended considering a change.
Shares of Bank of Montreal extended their slide on Monday, falling 2.2 percent as analysts chopped their share-price targets following the bank’s $4.1 billion deal to purchase Wisconsin lender Marshall & Ilsley Corp. Get the full story »
Harris Bank on LaSalle Street. (Phil Velasquez/Chicago Tribune)
About two dozen Illinois banks, including failed Amcore Bank and the parent of foreign-owned Harris Bank, tapped a Federal Reserve program that increased the amount of liquidity available to lenders during the financial crisis.
The Fed’s Term Auction Facility was established in December 2007, shortly after the first signs of the financial crisis began appearing.
Under the new Dodd-Frank Wall Street Reform & Consumer Protection Act of 2010, the Fed was required to make more details available on the more than 21,000 transactions in TAF and other programs intended to stabilize markets during the financial crisis, and to help get credit flowing again in hopes that the economy would recover and jobs would be created. Get the full story »
WIFR.com | Harris Bank has taken a pass on Amcore’s Rockford headquarters, leaving the FDIC holding the seven-story building.
From Crain’s Chicago Business| FDIC data show that Chase and Harris Bank gained market share in Chicago in the last year while Bank of America slid again.
Urban Partnership Bank, the newly formed group that last week bought failed Chicago-based ShoreBank, has named five-people to its board of directors.
It includes three former First Chicago executives who had joined ShoreBank in recent months during its last-ditch and ultimately unsuccessful effort to raise capital so state and federal regulators wouldn’t seize it.
Those are David Vitale, who, as previously reported, will serve as chairman; William Farrow, who, as reported, will be president and chief executive officer; and Eileen Kennedy, another former First Chicago executive who had joined ShoreBank in recent months. Get the full story »
Troubled lender Amcore Financial Inc AMFI.PK filed for bankruptcy protection on Thursday to liquidate its assets, it said in a filing.
Amcore Financial, which has been in talks with its largest stakeholders, intends to file a plan of liquidation by August 24 and continues to operate its business as a debtor-in-possession, it said in a filing with the U.S. Securities and Exchange Commission. Get the full story »
From WREX TV | Harris Bank, which took over Amcore Bank on April 23, 2010, announced plans to close 18 former Amcore branches and eliminate jobs as part of its buyout reorganization.
