The Elgin State Bank
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.
| 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 | $0.277 billion (2011) |
| Footnotes / references [1] | |
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]
References
- "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)
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