Welcome to the Republic Way!
Since our acquisition of DuPage National Bank (DNB) earlier this year, you have had limited access to Republic Bank of Chicago's (RBC) many advantages. We want to thank you for your patience during the thorough conversion process and inform you of changes soon taking effect that will increase the value of being an RBC customer. Please download a copy of our Conversion Guide by clicking on the appropriate image below, to view the upcoming milestones and the in-depth summary of product and service modifications. These guides are also available at our West Chicago and Hinsdale locations.
RBC Conversion Guide
RBC Conversion Guide
DuPage National Bank (DNB) was closed Friday, January 17, 2014, by the Office of the Comptroller of Currency and the Federal Deposit Insurance Corporation (FDIC) was the appointed receiver. The FDIC transferred all deposits and assets of DNB to Republic Bank of Chicago. According to regulatory policy, no advance notice is given to the public.
How did Republic Bank of Chicago (RBC) come to assume the deposits and acquire the assets of DuPage National Bank (DNB)?
RBC has agreed to assume from the FDIC, all deposits and to purchase most loans of DNB. As part of a federally regulated process, RBC was determined to be the winning bidder among several other banks that sought to assume DNB deposits and acquire their assets. Effective January 17, 2014, branches previously owned and operated by DNB, headquartered in West Chicago, Illinois will reopen during normal business hours as part of RBC.
Who is Republic Bank of Chicago (RBC)?
RBC is a strong community bank that has been serving Chicago and the suburbs for over 50 years. We are a family owned institution that is recognized as being “Well Capitalized” by regulatory standards with capital over $147 million. With the addition of the three DNB locations, RBC will have 19 branches in total. Our corporate headquarters is located in Oak Brook, IL. RBC is committed to providing outstanding customer service to all of our retail and commercial customers.
How does the closing of DNB affect me?
The effect of the closing on the average depositor of DNB will be minimal, as the FDIC transferred all deposits and certain loans to RBC. If you held an account at the DNB, you now have an account at RBC. The former DNB branches have reopened as branches of RBC.
Please note: If you have a DNB account, you will not be able to transact business at existing RBC branches until you are notified that the system integration has taken place. In turn, existing customers of RBC will not be able to transact business at these DNB branches until we undergo the system integration.
So, what happens now?
RBC would like to welcome all DNB customers and assure them their insured deposits are safe, sound and readily accessible. RBC is excited to build a relationship with you.
What will happen to my accounts and my local branch?
It’s business as usual. You should continue to use your current deposit, loan and/or investment accounts at your regular branch as normal. Your ATM/Debit cards and checks will be available for your continued use. You will receive a personal notification in advance if any changes are to occur.
All deposit accounts, which include Checking, Savings, Money Market, CDs and Retirement Accounts have been transferred to RBC, Oak Brook, IL, regardless of the dollar amount. Your deposits will be available for you at your normal branch starting January 18, 2014.
If you had an account with DNB, you now have an account with RBC.
Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. RBC will never contact you and ask for passwords, account numbers, etc. If you are contacted like this, contact RBC immediately.
Is my money deposited in DNB safe?
Yes. In terms of the “safety” of DNB deposits, we consider this development very positive for DNB customers, given RBC’s fiscal strength. RBC is currently classified by the regulators as “well capitalized,” the highest possible designation. All DNB deposits remain safe and sound, just as before, insured by the FDIC within the legal limits.
Are my deposits insured by the FDIC? Are my deposits safe?
The FDIC Standard Maximum Deposit Insurance Amount (SMDIA) for deposits is $250,000 per depositor per insured financial institution.
If you deposit at both DNB and RBC: deposits at the two banks continue to be insured separately by the FDIC for six months after the bank closing date, up to applicable limits.
You can learn more at http://www.fdic.gov/index.html
Customers of DNB and RBC should continue banking as usual, and feel confident their deposits are secure.
I already have other deposit accounts with RBC. When combined with balances at this bank, my deposits exceed $250,000. Are all funds insured?
The accounts transferred to RBC will be separately insured for at least six months after the DNB closing date. This grace period gives the depositor the opportunity to restructure the accounts, if necessary.
Will my account number change?
For now, your account numbers will remain the same. Upon the system integration, we will be making every effort to keep your account numbers the same. You will be notified well in advance of any change to your accounts or account numbers.
Will my direct deposits, automated payments, and transfers remain the same?
Yes. These services all continue for you without interruption. If you need to change anything in the future, please contact your branch to make those arrangements.
Will my automatic payments through Bill Pay continue?
Yes. Automatic payment will continue as usual. Additionally, you may continue to access Internet Banking and perform allowed transactions.
Will my ACH transaction still occur on its assigned date?
Yes. You should not experience any disruption in this service.
Where do I send my credit card, mortgage, and loan payments?
There is no change at this time. Please continue to make your credit card, mortgage, and loan payments as usual.
Can I continue to write checks and/or use my ATM/Debit card(s)?
Yes. You will be able to continue using your personal checks at this time, and your ATM/Debit card will continue to work. When full system integration is complete, you will be notified and new checks and/or ATM/Debit card(s) will be ordered for your use.
What will happen to the check which have not cleared my account(s)?
Checks that were drawn on DNB that did not clear before the institution closed will be honored up to your available balance. You can continue to use your existing checks.
Will I incur an early penalty if I close my CD before maturity?
No. You may withdraw funds from any transferred account without an early penalty until you enter into a new deposit agreement with your new bank. Entering into a new deposit agreement can be done by either renewing your CD or making a deposit to, or a withdrawal from, your account.
Will I continue to earn interest at the same rate? Will I be charged an early withdrawal penalty?
RBC will be reviewing rates and will notify you. You may withdraw funds from any transferred account without an early penalty until you enter into a new deposit agreement with your new bank. Entering into a new deposit agreement can be done by either renewing your CD or making a deposit to, or a withdrawal from, your account.
Once DNB and RBC branches are system integrated, you will have access to 19 RBC branches and thousands of surcharge-free ATMs nationwide.
For now, you should continue to bank as usual at your branch and ATMs. You will be informed with updates regarding access to additional branches and ATMs.
I have CDs with DNB and RBC. How will this merger affect me?
You do not need to make changes at this time. CDs held at the former DNB will be separately insured by the FDIC until maturity.
Can funds be wired to me?
Yes. Please contact your branch location to obtain information regarding your wire request.
What happens if I had a loan in process that has not closed or a line of credit not fully funded?
Please contact your branch location and speak with a loan representative.
I have a loan currently in process. How is my loan impacted?
Please contact your branch location and speak with a loan representative.
How will I get my final account statement(s) from DNB?
You will receive your account statements at the same time you have received them in the past.
What if I need information regarding my account during the time DNB was in business?
Please contact your branch location to obtain a copy of any records you may need.
How can I access the contents of my safe deposit box?
You may access your safe deposit box by visiting the branch where it is located.
May I conduct my banking at any RBC location?
At this time, please continue to conduct your banking transactions at your regular branch. You will be notified when system integration has been completed. Once this occurs, you will have access to all 19 RBC branches.
Will I be able to transfer money between my former DNB and RBC accounts online or view all of my accounts at one website?
At this time, you will not be able to transfer funds between institutions online or view your accounts combined on one website. Please continue to use the individual online banking websites with the same usernames and existing passwords. We will notify you when DNB and RBC integrate their computer systems.
I am a depositor broker or have brokered deposits. What do I do?
The total of all deposit accounts, including brokered deposits have been assumed by RBC.
I represent a TV/Newspaper/Radio and would like some information.
Contact: William Sperling (Vice Chairman, President & CEO) Phone: 630.434.5070