Metropolitan Bank Group, one of the largest community bank owners in the Chicago area, will acquire Tinley Park-based Allegiance Community Bank, the second purchase Metropolitan has announced in recent months.
Metropolitan will pay $10.14 million for all the voting shares of Allegiance, according to a filing made with the Federal Reserve Bank in Chicago.
Established in 1999, Allegiance has a single office, in Tinley Park, and about $60 million in assets. Metropolitan has about $2 billion in assets. The move will give Metropolitan, a bank holding company with a strong presence in the city and suburbs, a larger presence south of Chicago.
Metropolitan’s banks include Plaza Bank in Norridge, Citizens Bank in Berwyn, and Archer and Metropolitan banks in Chicago. Each bank operates with its own president and board of directors.
Plans call for Allegiance to retain many of its current officers, including Chief Executive Daniel Karalis and President Jerry Meyer.
Executives from both banks couldn’t be reached for comment.
The deal follows the same strategy Metropolitan has used in the past: purchasing community-based financial institutions and continuing to operate them with a strong local emphasis.
In April, Metropolitan announced plans to purchase Citizens Banking Corp.’s three Chicago-area branches in a cash deal valued at $26.3 million. That deal is expected to be completed later this year.
Merc futures added: OneChicago unveiled 15 single-stock futures it will begin trading Monday, and the list includes a stock many in Chicago’s financial district know well: Chicago Mercantile Holdings Inc.
The Merc, the Chicago Board of Trade and the Chicago Board Options Exchange own OneChicago. Although OneChicago is trading single-stock futures of one of its owners, there were no special regulatory hoops that had to be jumped through before the product could be listed on the exchange, said spokeswoman Mary Haffenberg.
“A lot of people have asked that, but the answer is no,” she said. “There was nothing different, not any more than any other stock.”
OneChicago has added 25 single-stock futures this summer, including Kohl’s Corp., Federated Department Stores Inc. and U.S. Bancorp.
Small chain bought: CIB Bank-Chicago is about to become part of St. Louis-based First Banks Inc. in a deal worth $62 million. Wisconsin-based CIB Marine Bancshares Inc. plans to sell its Chicago-area subsidiary. Based in Hillside, CIB-Chicago, which has 16 branches, had about $1.3 billion in assets and $1.2 billion in deposits on June 30, the bank said.
First Banks entered the Chicago market with the purchase of PlainsBank in Des Plaines in 2002 and Continental Community Bank and Trust in Aurora in 2004.
The deal will not affect CIB Marine Bancshares’ other community banking subsidiaries, which include Central Illinois Bank in Champaign. The latest deal came as CIB Marine announced it had hired a longtime Bank One executive as president and chief executive. Stanley Calderon was most recently executive vice president and manager of middle-market banking for Bank One’s Midwest Region, covering offices in Illinois, Indiana and Wisconsin.