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For Immediate Release: June 5, 2009
Republic Bank of Chicago announces the acquisition of Bank of Lincolnwood in Lincolnwood, IL.
Oak Brook, Illinois, June 6, 2009 – On June 5, 2009, Republic Bank of Chicago, headquartered in Oak Brook, Illinois, purchased all insured and uninsured deposits and certain loans from the Bank of Lincolnwood with 2 locations in the Lincolnwood market. Serving greater Chicagoland, Republic Bank is “well capitalized” by regulatory standards with capital over $120 million. In addition to Republic Bank’s 12 other banking centers, the two newly acquired locations in Lincolnwood, IL will be open as Republic Bank for normal business hours Saturday morning.
Republic Bank Chairman, Aristotle Halikias remarked, “We have been recognized as a strong community bank for over 40 years, proudly providing unsurpassed customer service with product ingenuity. We are excited to be a part of these vibrant communities, and we look forward to getting to know our new friends and customers.”
After the completion of the transaction Republic Bank will have 14 banking centers across Chicago and the suburbs. Convergence of the two banking systems is expected to take place by the end of October. “We want our new customers to understand that their insured and uninsured deposits are safe and covered. They can continue to bank as usual at the Lincolnwood locations. Once the system integration is complete, all of our customers will be able to bank at any of our 14 locations, on our website, and within our ATM network that includes over 32,000 ATM’s,” added William Sperling, Vice Chairman, CEO and President.
Mr. Sperling also indicated that even though we are in tough economic times, Republic Bank will be preserving jobs, and they remain fully committed to continually providing outstanding customer service to all of their customers in every community.
Questions regarding this acquisition can be directed to William Sperling, Vice Chairman, CEO and President of Republic Bank at 630.570.7700.
Republic Bank of Chicago Homepage
