Mitchell Feiger, president and CEO of MB Financial, Inc. (NASDAQ: MBFI)
announced that MBFI’s subsidiary, Chicago-based MB Financial Bank, N.A.,
acquired all deposits of Glenwood-based Heritage Community Bank at the
close of business today in a loss-share transaction facilitated by the
Federal Deposit Insurance Corporation (FDIC).
"Customers can be assured that their deposits are safe and remain
readily accessible,” says Feiger. "MB Financial Bank has a healthy
balance sheet and a strong capital and liquidity position. And, we’ve
been part of Chicago-area banking for nearly 100 years earning a
reputation for quality customer service and sophisticated banking
products and services. This agreement with the FDIC provides a safe and
secure home at MB for Heritage Community Bank customers’ banking
relationships.”
Bank branches previously owned and operated by Heritage Community Bank
will reopen on Saturday morning, Feb. 28, 2009, as MB Financial Bank
branches. Customers of Heritage Community Bank should continue to bank
as usual at their Glenwood, Dolton, Orland Hills and Westmont branches.
"Once we consolidate Heritage and MB operating systems, all customers
will have access to over 70 locations; our Telephone Banking Center,
which is open seven days a week; our Internet Banking system,
ibankmb.com, and our ATM network,” adds Feiger. "MB employees look
forward to serving the banking needs of Heritage Community Bank
customers.”
As of Dec. 31, 2008, Heritage Community Bank had total loans of $176
million and total deposits of $226 million. In addition to assuming all
of the deposits of Heritage Community Bank, MB agreed to purchase
approximately $219 million in assets at a discount of $14.5 million. The
FDIC and MB entered into a loss-share transaction providing MB with
substantial protection from the FDIC for loan losses. The FDIC will
retain the remaining assets for later disposition.
Customers who have questions about the transaction can call the FDIC
Call Center toll-free at 1.800.823.5680. The phone number is operational
this evening until 9:00 p.m. Central Time; on Saturday from 9:00 a.m. to
9:00 p.m. Central Time.; on Sunday from noon to 6:00 p.m. Central Time
and, thereafter, from 8:00 a.m. to 8:00 p.m. Central Time. Information
is also available from the FDIC’s website at www.fdic.gov.
In addition, they can visit their former Heritage Community Bank branch
should they have questions about their banking relationship.
MB Financial, Inc. will host a conference call at 9:30 a.m. Central Time
on March 2, 2009. The number to call in the United States is
1.800.798.2884 (Passcode: 17028604). If this time is inconvenient, a
digital recording will be available two hours after the conference from
March 2, 2009 to March 9, 2009 by dialing into 1.888.286.8010 in the
United States (Passcode: 19007337). This call is being webcast and can
be accessed via the company’s web site at www.mbfinancial.com
under Investor Relations.
MB Financial Bank is a locally-operated financial institution that has
been delivering competitive personalized service for nearly 100 years to
businesses and individuals who live and work in the Chicago metropolitan
area. MB Financial Bank has locations throughout the Chicagoland area.
With this acquisition, MB has 75 Chicago-area locations.
MB Financial Bank is the Illinois local operating unit of MB Financial,
Inc., a financial services holding company which is traded on the Nasdaq
as "MBFI." MB Financial, based in Chicago, has more than $8.8 billion in
assets. Information about MB Financial can be found at www.mbfinancial.com.
This news release may contain forward-looking statements that involve
risk and uncertainties, with respect to the results of operations and
other uncertainties that may not be known or anticipated by the Company.
While management of the Company uses its best efforts to be accurate
in making forward-looking statements, any such statements are subject to
risks and uncertainties that could cause the Company’s actual results to
vary materially from the future results indicated in such
forward-looking statements.
