International Bank of Chicago president and CEO Frank Wang said the bank is pleased to have the opportunity to expand the firm’s presence to the North Shore, where it is already serving many residents.
"This FDIC-assisted transaction greatly complements our existing services. We will put the resources of International Bank of Chicago to provide a great banking experience for the customers and communities currently served by Premier Bank," said Wang.
The firms have not revealed the transaction amount and terms of the agreement.
As of 31 December 2011, Premier Bank owned $269m in total assets and $199m in total deposits and operates in two locations in Illinois – Wilmette and the near west side of Chicago.
Premier locations re-opened will operate as International Bank of Chicago and customers of Premier Bank will continue to bank as usual, with full access to their deposits, including ATM or debit cards, and checks, said the bank.
In October 2011, International Bank of Chicago acquired the Des Plaines-based All American Bank for an undisclosed amount.
John Purtill from Meltzer, Purtill & Stelle acted as IBC Bancorp’s legal advisor and Eugene B Katz from Hovde Financial as its financial advisor.
