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The Elgin State Bank

From Wikipedia, the free encyclopedia
Elgin State Bank
IndustryBanking
Founded1964; 60 years ago (1964)
DefunctSeptember 30, 2011; 13 years ago (2011-09-30)
FateAcquired by Wintrust Financial
HeadquartersElgin, Illinois
Number of locations
3 branches
Area served
Elgin, Illinois
Key people
Mark R. Abate, CEO
Total assetsIncrease $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

[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

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  1. ^ a b c d "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)