Suburban Bancorp

Last updated

Suburban Bancorp, Inc. was a publicly traded multibank holding company headquartered in suburban Chicago. It was founded by Gerald F. Fitzgerald, father of former U.S. Senator Peter Fitzgerald, and majority owned by the Fitzgerald family. [1] Bank of Montreal acquired Suburban Bancorp, Inc. by merger in 1994. Harris Bankmont, Inc., an American subsidiary of Bank of Montreal, merged with Suburban Bankcorp to expand the Harris Bank presence in the Chicago area. [2] The all-stock deal was valued at $246 million. [3]

Contents

History

Gerald F. Fitzgerald started the network of banks that became Suburban Bancorp in 1961 when he acquired two institutions in the Chicago suburbs, Lake Villa Trust and Savings Bank and the Palatine National Bank. He founded five Chicago area banks de novo and purchased many others, ultimately assembling 13 banks with 30 locations in Cook, Lake, McHenry, DuPage and Kane County, Illinois. Most carried the Suburban name and all carried a maple leaf logo. [4] At the time, Illinois did not allow branch banking and Fitzgerald was positioning his separately chartered banks for the eventual liberalization of branching restrictions.  

In 1982, Illinois changed its laws to allow a single holding company to own multiple banks. This change enabled Fitzgerald to bring all of his family-controlled banks under the umbrella of Suburban Bancorp, Inc., one of Illinois's first multibank holding companies. [5] Suburban Bancorp, Inc. went public in 1986 and listed its shares on the NASDAQ under the ticker symbol SUBBA. [4]

Suburban Bancorp., Inc. banks  advertised their safety and soundness and were renowned for their prudential approach to banking, reflecting Fitzgerald's belief that a bank should maintain superior liquidity at all times. [1] [6]

Leadership

Gerald F. Fitzgerald, Founder, Chairman (1962-1994), and President (1961-1990)

Gerald F. Fitzgerald, Jr., President (1990-1994)

James G Fitzgerald, Director and Treasurer (1981-1994)

Thomas Fitzgerald, Director and Corporate Secretary (1981-1994)

Legacy

All four of Gerald F. Fitzgerald's sons went on to own and manage other banks, including former U.S. Senator Peter Fitzgerald, who founded Chain Bridge Bank, N.A. in 2007.

Related Research Articles

Peter Fitzgerald (politician) American politician

Peter Gosselin Fitzgerald is a retired American lawyer and politician who served as a United States Senator from Illinois. A member of the Republican Party, he served from 1999 to 2005. Fitzgerald defeated Democratic incumbent Carol Moseley Braun in 1998, becoming the first Republican to win a U.S. Senate race in Illinois since Charles Percy twenty years earlier. He had previously served in the Illinois State Senate from 1993 to 1998.

Bank One Corporation Former bank of the United States

Bank One Corporation was the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, 2004. The company had its headquarters in the Bank One Plaza in the Chicago Loop in Chicago, Illinois, now the headquarters of Chase's retail banking division.

U.S. Bancorp American bank holding company

U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. It has 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. It is ranked 117th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.

National City Corporation was a regional bank holding company based in Cleveland, Ohio, USA, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first mortgage in America. The company operated through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, and Wisconsin, and also served customers in selected markets nationally. Its core businesses included commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management. The bank reached out to customers primarily through mass advertising and offered comprehensive banking services online. In its last years, the company was commonly known in the media by the abbreviated NatCity, with its investment banking arm even bearing the official name NatCity Investments.

National Bank of Detroit Defunct American commercial bank

The National Bank of Detroit (NBD), later renamed NBD Bank, was a bank that operated mostly in the Midwestern United States. Following its merger with First National Bank of Chicago, the bank was ultimately acquired and merged into Bank One, at which point the NBD name was discontinued. Today, what was once NBD is owned by JPMorgan Chase & Co.

BMO Harris Bank, N.A. is an American bank based in Chicago, Illinois. It is a member of the Federal Reserve System and operates branches in the states of Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida, Wisconsin, and California. BMO Harris Bank has over 600 branches and 1,300 ATMs and employs 14,500 staff in the United States. BMO Harris Bank is the twenty-first largest banking institution in the United States.

Old National Bank American Regional Bank

Old National Bank is an American regional bank with nearly 200 retail branches operated by Old National Bancorp and based in Evansville, Indiana. With assets at $23.0 billion and 162 banking centers, Old National Bancorp is the largest financial services bank holding company headquartered in Indiana and one of the top 100 banking companies in the U.S. Its primary banking footprint is in Indiana, Kentucky, Michigan, Minnesota, and Wisconsin.

California Federal Bank, known as CalFed, was a savings bank headquartered in Los Angeles, California at 5670 Wilshire Boulevard. It operated 352 branches, most of which were in California. In 2002, the bank was acquired by Citigroup.

First Interstate Bancorp Defunct American bank holding company

First Interstate Bancorp was a bank holding company based in the United States that was taken over in 1996 by Wells Fargo. Headquartered in Los Angeles, it was the nation's eighth largest banking company.

Firstar Corporation was a Milwaukee, Wisconsin-based regional bank holding company that existed from 1853 to 2001. In 2001, Firstar acquired U.S. Bancorp and assumed its name, moving its headquarters to Minneapolis.

First Chicago Bank was a Chicago-based retail and commercial bank tracing its roots to 1863. Over the years, the bank operated under several names including The First National Bank of Chicago and First Chicago NBD. In 1998, First Chicago NBD merged with Banc One Corporation to form Bank One Corporation, today a part of Chase.

Mercantile Bancorporation was the largest bank holding company in Missouri when it was acquired by Firstar Corporation in 1999.

First Midwest Bancorp, Inc is headquartered in Chicago, Illinois, just east of O'Hare Airport. The company's predecessor traces back to Joliet, Illinois. From there the company has grown to serve many Chicago suburbs including northwest Indiana, downstate Illinois, southeast Wisconsin and the Quad Cities area including Iowa. First Midwest Bank is one of the largest banking institutions in the United States

Dime Savings Bank of New York

The Dime Savings Bank of New York, originally the Dime Savings Bank of Brooklyn, was a bank headquartered in Brooklyn, New York City. It operated from 1859 to 2002.

First Bank System was a Minneapolis, Minnesota-based regional bank holding company that operated from 1864 to 1997. What was once First Bank forms the core of today's U.S. Bancorp; First Bank merged with the old U.S. Bancorp in 1997 and took the U.S. Bancorp name.

Bank of Hope

Bank of Hope is the largest Korean American bank. It is based in Los Angeles. It is owned by Hope Bancorp, Inc., a bank holding company. It offers commercial banking loan and deposit products through 58 branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia, and Alabama. It also operates Small Business Administration loan production offices in Seattle, Denver, Dallas, Atlanta, Portland and Annandale, Virginia; a commercial loan production office in Fremont, California; residential mortgage loan production offices in California; and a representative office in Seoul, Korea.

Chain Bridge Bank, National Association (N.A.) is a nationally chartered bank organized under the laws of the United States. The bank is headquartered in McLean, Virginia and serves trade associations, think tanks, lobbying firms, political committees, nonprofit organizations, businesses, and individuals across the country.

INB Financial Corporation was an Indianapolis-based statewide bank holding company that was the largest Indiana-based financial institution at the time it was acquired by Michigan-based NBD Bancorp in 1992. Its primary subsidiary was the Indianapolis-based INB National Bank, formerly the Indiana National Bank, which can trace its origins to the founding of the Second State Bank of Indiana in 1834.

Merchants National Corporation

Merchants National Corporation (MNC) was an Indianapolis-based statewide bank holding company that was one of the largest Indiana-based financial institutions at the time it was acquired by Ohio-based National City Corporation in 1992. Its primary subsidiary was the Indianapolis-based Merchants National Bank and Trust Company, which was founded in 1865.

Gerald Francis Fitzgerald was an American banker and father of former U.S. Senator Peter Fitzgerald. Gerald Fitzgerald was the founder and chairman of Suburban Bancorp, Inc., a publicly traded multibank holding company with 13 banks and 30 locations when Bank of Montreal acquired it by merger in 1994. He brought the first ATM to Illinois in 1968 and established one of the first multibank holding companies in Illinois in 1982.

References

  1. 1 2 Marsh, Barbara (October 20, 1986). "On the Prowl: Gerry Fitzgerald Builds Suburban Bank Empire". Crain's Chicago Business.
  2. ↑ "EDGAR Filing Documents for 0000950124-94-000806". www.sec.gov. Retrieved 2019-05-16.
  3. ↑ Writer, Sharon Stangenes, Tribune Staff. "HARRIS WINS DEAL FOR SUBURBAN BANCORP". chicagotribune.com (in American English). Retrieved 2019-05-16.
  4. 1 2 Arnold, Jack, ed. (1994). History of Suburban Bancorp, Inc.
  5. ↑ reporter, Margaret Ramirez, Tribune. "Gerald F. Fitzgerald, 1925-2010". chicagotribune.com (in American English). Retrieved 2019-05-16.
  6. ↑ "Sage Financial Advisor". Daily Herald Suburban Business. January 2011.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.