On December 23rd, The Treasury Department released the details (PDF) of a $2.8 billion investment in 49 local banks. On the list were three private Illinois banks, all of which are headquartered in Chicago suburbs, but do much of their business in Chicago. They are the first private Chicago banks to receive federal funds under the Troubled Asset Relief Program (TARP).
Marquette Bank (10000 West 151st Street, Orland Park, IL 60462) received $35.5 million on Dec. 19. Crains Chicago Business reports that Paul McCarthy, CEO of Marquette National Corp., Marquette Bank’s parent company, says that they currently have $1.6 billion in assets and feels they are well capitalized without the funds. However, he says the funds allow them to handle, “the most extreme contingencies.” He also expressed interest in buying troubled assets from other banks, but no interest in buying whole banks.
Bridgeview Bank (7940 S Harlem Ave, Oak Lawn, IL 60455-1500) received $38 million. Bridgeview Bank has 15 branches, 11 of which are in Chicago. According to its website, “In addition to its core banking operations, Bridgeview Bank Group operates Bridgeview Capital Solutions (BCS) in Atlanta, Georgia. BCS is one of the nation’s largest government guaranteed specialty lenders serving businesses, co-operatives and community banks in non-urban areas. The bank also operates Bridgeview Commercial Finance (BCF), a nationwide asset-based lending, factoring and lease company and AirBanker, an aircraft financing, appraisal and consulting business.”
The largest recipient of TARP funds was Wintrust Financial Corporation, getting $250 million. Wintrust is a financial services holding company headquartered in Lake Forest, Illinois. They are quite large with assets over $9 billion. Most of its long list of banks it operates are in the Chicago area: Lake Forest Bank & Trust Company, Hinsdale Bank & Trust Company, North Shore Community Bank & Trust Company, Libertyville Bank & Trust Company, Barrington Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Northbrook Bank & Trust Company, Beverly Bank & Trust Company, N.A., Wheaton Bank & Trust, and St. Charles Bank & Trust
All together these three Chicago institutions received $323.5 million or 11.5% of money thus far going to local banking institutions.Email This Post To a Friend.