(Source: Datamonitor)
The PrivateBank & Trust Company, a wholly owned subsidiary of PrivateBancorp, has acquired all of the deposits and certain assets of Founders Bank from the Federal Deposit Insurance Corporation, which was appointed as receiver of the institution.
The branches previously owned and operated by Founders Bank will reopen on July 6, 2009, under The PrivateBank name with normal branch hours.
PrivateBancorp agreed to assume all of the deposits and will purchase approximately $906 million in assets at a discount of $54.5 million. The Federal Deposit Insurance Corporation (FDIC) retains the remaining assets for later disposition.
PrivateBancorp entered into a loss-share transaction with the FDIC providing the company with protection from the FDIC for loan losses.
Larry Richman, president and CEO of PrivateBancorp, said: "We want to assure all Founders Bank customers that their deposits are safe and available, and remain insured under FDIC protections. We are committed to upholding the traditions of community and customer service that were so much a part of Founders Bank, and we look forward to delivering our highly personalized brand of banking to these clients."
A service of YellowBrix, Inc.
