First Chicago Bank & Trust failed Friday, and its assets and deposits were taken over by Lake Forest-based Wintrust Financial Corp. Since April 2010, Wintrust, which has assets of $14.1 billion, has acquired six collapsed lenders with total assets of about $1.9 billion.
First Chicago is the fifth Illinois bank to fail this year.
First Chicago Bank is the product of two community banks in the Chicago area. In the fall 2006, Labe Bank and Bloomingdale Bank and Trust joined forces to create a bank with combined assets of more than $1 billion. On Dec. 11, 2006, the bank officially became First Chicago Bank & Trust, and the holding company became First Chicago Bancorp.
It's not clear whether the First Chicago name will become available again. An earlier First Chicago was bought by Chase.
Failing this year in Illinois: Western Springs National Bank & Trust, Bank of Commerce, Valley Community Bank and Community First Bank Chicago.
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