MB Financial

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MB Financial’s former president joins Inland Bank

A former MB Financial president who recently left the $10.32 billion-asset bank after a management shakeup has stepped into the same position at Oak Brook-based Inland Bank & Trust. Get the full story »

FDIC: MB Financial only Broadway Bank bidder

Broadway Bank, the lender once owned by the family of  losing U.S. Senate candidate Alexi Giannoulias, attracted only one bidder when it failed in April, newly released records from the Federal Deposit Insurance Corp. show. Get the full story »

MB Financial swings to loss in third quarter

Bank holding company MB Financial Inc. said Friday it recorded a loss for the third quarter as its provision for loan losses grew $20 million from a year earlier. Get the full story »

Best, worst bank stocks include 4 Chicago heavy hitters

Four banks with a meaningful Chicago presence made a list of the 20 best- and 20 worst-performing Midwest bank stocks.

The 20 best-performing Midwest bank stocks year to date include Chicago-based PrivateBancorp Inc. and  Cincinnati-based Fifth Third Bancorp, according to a report released Thursday by Oppenheimer & Co. Fifth Third ranks eighth in deposit  market share in the Chicago area.
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MB Financial among 17 banks named as takeover targets

Some say the wave of bank consolidation seen in the last two decades is over, but an outspoken analyst who developed a formula for identifying banks that could be takeover targets on Thursday listed 17 he says are ripe, including Chicago-based MB Financial. Get the full story »

MB Financial shakes up managment ranks

MB Financial, the Chicago-based middle-market bank whose earnings have come up short recently and which has expressed pessimism about the economy, is shaking up its leadership ranks, including in its commercial banking arm, the Tribune has learned. Get the full story »

MB completes deal serving minors, disabled

Chicago-based MB Financial Bank has completed its acquisition of the Illinois guardianship and special needs trust business of U.S. Trust, an arm of Bank of America. Get the full story »

ShoreBank successor boosts online savings rates

Urban Partnership Bank, the successor to the recently failed ShoreBank, has already boosted the interest rates on a couple of savings accounts for its online ShoreBank Direct.

The ShoreBank Direct Online Savings Account now pays a 1.25 percent annual percentage rate with a $100,000 minimum balance, up from 1.19 percent. It also pays  1.2 percent for balances of less than $100,000, up from 1.03 percent.

The rate hikes were first reported by www.depositaccounts.com, a tracker of bank account trends. Get the full story »

Report: Politics not behind Broadway Bank seizure

There is no evidence that politics played a role in the government seizure of a Chicago bank owned by the family of the Democratic nominee running for the U.S. Senate seat once held by President Barack Obama, a government watchdog said this week.

On April 23, bank regulators seized Broadway Bank, a community bank with $1.2 billion in assets, and the Federal Deposit Insurance Corp arranged for MB Financial Inc. to assume its deposits.

The move then became embroiled in this year’s campaign season because the bank was owned by the family of Alexi Giannoulias, the first-term Illinois state treasurer and the Democratic nominee in this year’s U.S. Senate race. Get the full story »

FDIC seeks to block Corus parent from tax refunds

The Federal Deposit Insurance Corp. is seeking to block the parent of failed Corus Bank from recouping more than $257 million in tax refunds stemming from the bank’s collapse.

In papers filed Monday with the U.S. Bankruptcy in Chicago, the FDIC, the receiver of the closed Illinois bank, said Corus Bankshares Inc.’s lawsuit against the regulator that seeks to take back those refunds should be tossed out because it intentionally sidesteps federal banking laws.

“Because federal law expressly precludes” the lawsuit Bankshares filed in bankruptcy court, “this action should be dismissed,” the FDIC said in court papers. Get the full story »

PrivateBancorp’s stock up on smaller 2Q loss

PrivateBancorp Inc. stock is up 12.6 percent, to $11.94 a share, in mid-day trading as the Chicago-based parent of PrivateBank posted a narrower-than-expected second-quarter loss and sounded slightly more positive about the economy than one of its rivals did last week.

“The economy is growing but the recovery will be slow and uneven,” Chief Executive Larry Richman said in an earnings conference call. But “I do believe the real estate portion of the economy remains very slow and weak.” Get the full story »

MB Financial to get $8.3M in fraud case

From the Des Moines Register | In addition to a 27-year prison sentence, U.S. District Judge Linda Reade will order Agriprocessors Inc. founder Sholom Rubashkin to pay $18.5 million to First Bank Business Capital, the plant’s largest lender; $8.3 million to MB Financial Bank, another lender; and $3,800 to Waverly Sales Inc. in a sweeping financial fraud to defraud banks