A once-great commercial banking market is poised to become another Milwaukee or St. Louis. Does that matter? It does if you like your lender to be truly local.
The largest deal for a privately held local bank in nearly five years is brewing.
The parent of Lombard-based West Suburban Bank, the second-largest privately owned bank in the area, is seeking a buyer, according to multiple sources.
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At nearly $3 billion in assets and with more than 40 branches sprinkled throughout the western suburbs, the bank could fetch $360 million or more. That would amount to about 1.5 times its book value at the end of the first quarter.
West Suburban is one of a dwindling breed on the Chicago banking scene a privately held bank large enough to provide a meaningful market share boost to a buyer or serve as a platform for an out-of-town player seeking to break into the market. Observers say the banks interested in West Suburban appear to be mainly those already here that are looking to add on, particularly in DuPage County. As of June 30, West Suburban was the eighth-largest bank by deposits in DuPage, with $1.9 billion, or nearly 4 percent of the mark
State Bank announces new president
Source: State Bank
FREEPORT State Bank recently announced that Peter Morrison has been selected as the next president/CEO, effective May 17.
Morrison’s community banking career spans three decades and includes experience from multiple leadership roles. He served as president of Elgin State Bank for 12 years prior to a Wintrust Financial acquisition where, throughout his tenure, he served as executive vice president, chief financial adviser and chief operating officer for two Wintrust Charters, St. Charles Bank and Trust and Wheaton Bank and Trust.
He attended Indiana University and completed the University of Wisconsin Graduate School of Banking.
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