Republic Bank of Chicago Assumes the Deposits and Acquires the Assets of AztecAmerica
On May 16, 2014, Republic Bank of Chicago, headquartered in Oak Brook, Illinois, assumed all insured and uninsured deposits and loans of AztecAmerica Bank with locations in Berwyn and Chicago, Illinois. In addition to Republic Bank of Chicago’s 19 other branches, the two newly acquired locations in Berwyn and Chicago will open as Republic Bank of Chicago for normal business hours on Saturday morning, May 17, 2014.
Republic Bank of Chicago is defined as a “Well Capitalized” financial institution by the FDIC regulatory standards. With “Total Capital/Risk Assets” at 13.73% and “Leverage Ratio” at 11.55%, Republic Bank exceeds the FDIC guidelines of 10.00% and 5.00%, respectively.
Republic Bank of Chicago Chairman, Aristotle Halikias remarked, “Over the past fifty years, we have dedicated ourselves to supporting our communities with the resources, services, and products they need to thrive. The result of this dedication is the recognition of being a highly secure and strong community bank, a recognition we are proud of. Earlier this year we assumed and acquired another financial institution. Through that process we added three new locations, two in West Chicago and one in Hinsdale, which allowed us to better serve our customers. As a growing community bank in Chicago and the surrounding suburbs, we are looking forward to adding another branch located in Chicago, as well as, becoming a part of the Berwyn community.”
After the completion of the transaction, Republic Bank of Chicago will have 21 branches across Chicago and the suburbs. Convergence of the two banking systems is expected to take place within the next several months. “Our new customers can be confident that their deposits are safe and sound at the Berwyn and Chicago locations. We want to assure everyone that when it comes to their banking needs at these locations, it is business as usual. Our focus is to make the transition for our new customers as seamless as we can. Once the system integration is complete, our new customers will have access to any of our 21 locations, our website, and our vast ATM network,” added William Sperling, Vice Chairman, CEO, and President. Mr. Sperling also stated that Republic Bank of Chicago is fully committed to providing outstanding customer service to all of their customers and communities.
Questions regarding this matter can be directed to William Sperling, Vice Chairman, President and CEO of Republic Bank of Chicago at 630.434.5070.
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