First New Bank In 2 Years May Open In Chicago
CHICAGO (CBS) -- Since the mortgage meltdown, it's common to hear about banks that fail.
But, now, there's word of one that might be opening for the first time in two years.
As WBBM Newsradio's Regine Schlesinger reports, Crain's Chicago Business says a group of former LaSalle Bank executives has filed an application to found Front Street Bank.
The new state-chartered bank would be a lender that would bid for assets and deposits of local banks that ended up being seized by the Federal Deposit Insurance Corporation and shut down, Crain's reported.
Harrison Tempest, 72, who headed LaSalle Bank parent company ABN Amro North America until 2002, would serve as president and chief executive officer of the new bank, Crain's reported.
Crain's quotes the application as saying management believes a new commercial bank headquartered in the Chicago area can attract customers who prefer to do business with a locally-managed institution.
LaSalle Bank was bought out and taken over by Bank of America in 2007.
