The Elgin State Bank

Last updated
Elgin State Bank
Industry Banking
Founded1964;60 years ago (1964)
DefunctSeptember 30, 2011;12 years ago (2011-09-30)
FateAcquired by Wintrust Financial
Headquarters Elgin, Illinois
Number of locations
3 branches
Area served
Elgin, Illinois
Key people
Mark R. Abate, CEO
Total assets Increase2.svg $0.277 billion (2011)
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

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]

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References

  1. 1 2 3 4 "Wintrust Financial Corporation Announces the Closing of the Acquisition of Elgin State Bancorp, Inc" (Press release). GlobeNewswire. September 30, 2011.
  2. "In the Matter of THE ELGIN STATE BANK ELGIN, ILLINOIS" (PDF). Federal Deposit Insurance Corporation. September 9, 2010.
  3. "Wintrust Financial Corporation Announces Plans to Acquire Elgin State Bancorp, Inc" (Press release). GlobeNewswire. July 26, 2011.
  4. Kline, Alan (July 26, 2011). "Wintrust to Acquire Elgin State Bank for $13.8 Million". American Banker .(subscription required)