The Elgin State Bank
Industry | Banking |
---|---|
Founded | 1964 |
Defunct | September 30, 2011 |
Fate | Acquired by Wintrust Financial |
Headquarters | Elgin, Illinois |
Number of locations | 3 branches |
Area served | Elgin, Illinois |
Key people | Mark R. Abate, CEO |
Total assets | ![]() |
Footnotes / references [1] |
Elgin State Bank was a bank headquartered in Elgin, Illinois. In 2011, the bank was acquired by Wintrust Financial for $13.75 million in cash and stock and its branches were re-branded as St. Charles Bank & Trust Company.
The bank had 3 branches, all of which were in Elgin, Illinois.[1]
History
[edit]The bank was founded in 1964.[1]
On September 9, 2010, the Federal Deposit Insurance Corporation issued an order against the bank, citing "unsafe or unsound banking practices".[2]
In 2011, the bank was acquired by Wintrust Financial for $13.75 million in cash and stock and its branches were re-branded as St. Charles Bank & Trust Company.[1][3][4]
References
[edit]- ^ a b c d "Wintrust Financial Corporation Announces the Closing of the Acquisition of Elgin State Bancorp, Inc" (Press release). GlobeNewswire. September 30, 2011.
- ^ "In the Matter of THE ELGIN STATE BANK ELGIN, ILLINOIS" (PDF). Federal Deposit Insurance Corporation. September 9, 2010.
- ^ "Wintrust Financial Corporation Announces Plans to Acquire Elgin State Bancorp, Inc" (Press release). GlobeNewswire. July 26, 2011.
- ^ Kline, Alan (July 26, 2011). "Wintrust to Acquire Elgin State Bank for $13.8 Million". American Banker.(subscription required)