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Roberto R. Herencia has left Midwest Banc Holdings Inc., whose Midwest Bank unit failed last month, but has signed a consulting agreement that could pay him $25,000 a month.
In May, Midwest Bank, a $3.17 billion-asset lender that was among the first community banks to get federal bailout funds, was seized by regulators after failing to raise capital it needed to stay independent. Get the full story »
By Becky Yerak | Jay Fritz, a former high-level executive at failed Midwest Bank, has joined Cornerstone National Bank & Trust Co. of Palatine along with four other Midwest managers.
Cornerstone, which has assets of $399 million and has been profitable, was founded in 2000. It has branches in Palatine, Crystal Lake and Lake Zurich.
By Becky Yerak | Midwest Bank, a $3.2 billion-asset lender that was among the first community banks to receive federal bailout funds, was seized by U.S. banking regulators Friday after failing to raise the capital it needed to stay independent.
Its assets, deposits and branches will be taken over by Akron, Ohio-based FirstMerit. The failure of Midwest Bank, which is part of publicly traded Midwest Banc Holdings of Melrose Park, is expected to cost the Federal Deposit Insurance Corp., which is financed by insurance premiums paid by banks, $216.4 million.
It’s the 11th Illinois bank failure in 2010; in 2009, the state saw 21 banks collapse. On Thursday the Tribune reported that FirstMerit was the frontrunner in the bidding.
By Becky Yerak | The Federal Deposit Insurance Corp. began seeking potential bidders late last week for ShoreBank, in case the ailing South Side lender is unable to raise capital on its own, according to sources familiar with the FDIC process.
The FDIC also is seeking a healthy bidder for the assets and deposits of troubled Midwest Bank, a midsized lender based in Melrose Park. It is allowing potential bidders for that more desirable franchise to link bids to ShoreBank, which has lent heavily in more hard-hit areas, sources say.
