Inside these posts: Illinois banks

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ShoreBank successor to close two Chicago branches

Urban Partnership Bank, the successor to failed ShoreBank, is telling customers that on March 17 it will close its branches at 4659 S. Cottage Grove in the Kenwood neighborhood of Chicago and at 3401 S. King Drive in the Bronzeville area of the city.

“With current market conditions making expansion less expensive and real estate more available, we have decided to explore new retail branch locations to better serve our customers,” Urban Partnership said in a letter to customers obtained by the Chicago Tribune.

Urban Partnership said in the letter that it’s “actively seeking new locations” in Chicago and in Cleveland, where it is also closing a branch, “that will be accessible with the latest technologies” and more convenient. Get the full story »

Regulators seize Maywood bank

Regulators have shut down First Suburban National Bank of Maywood, Ill., late Friday and sold its $140 million in deposits to Seaway Bank and Trust Co. of Chicago.

Depositors of the First Suburban National Bank will be protected by the purchase deal with Seaway Bank and Trust. The four branches of First Suburban National Bank will reopen Saturday as branches of Seaway Bank and Trust. Seaway did not pay a premium.
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Bank investor group seeks to cater to Russian, Eastern European Jews locally

A group of investors wants to invest about $10 million into Maywood-based First Suburban National Bank, and if it’s successful it wants to cater to Russian and Eastern European Jewish customers in the area, according to documents filed with the Federal Reserve. Get the full story »

ShoreBank reports $17.3 million first-quarter loss

By Becky Yerak | ShoreBank lost $17.3 million in the first quarter and saw its capital
ratios worsen at a time when it’s trying to raise capital from both
existing and new investors.

The undercapitalized bank, besides hoping to tap such existing investors
as JPMorgan Chase and Citigroup, also wants to try to raise money from
State Farm, which has a tentative commitment. It also plans to hit up such
local institutions as Northern Trust, Wintrust and MB Financial, a
person familiar with ShoreBank’s situation said.

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