MB Financial Bank Acquires Heritage Community Bank Deposits
Bank branches previously owned and operated by Heritage Community Bank have reopened as MB Financial Bank branches.
As of December 31, 2008, Heritage Community Bank posted 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 around $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.
Chicago-based MB Financial Bank has locations throughout the Chicago area. With this acquisition, MB has 75 Chicago-area locations.
MB Financial posts more than $8.8 billion in assets.
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