Inland Bank
| Company type | Private |
|---|---|
| Industry | Banking |
| Predecessor | AmeriMark Bank (renamed in 2008) |
| Founded | 1977 |
| Fate | Acquired by Byline Bank in 2023 |
| Headquarters | Oak Brook , United States |
Area served | Chicago western suburbs |
| Products | Commercial real estate lending, banking services |
| Owner | Inland Real Estate Group (until 2023) |
Inland Bank & Trust was a financial institution based in Oak Brook, Illinois, under the ownership of Inland Real Estate Group until the middle of 2023. With ten branch locations spread across Chicago’s western suburbs, the bank devoted roughly one-third of its portfolio to commercial real estate lending.
In July 2023, Inland Bank & Trust was integrated into Byline Bank following Byline Bancorp’s $129 million acquisition of Inland Bancorp.
History
Established in 1977 as Bank of Villa Park,[1] the bank experienced two rebrandings before 2008: first to Bank of Illinois in DuPage (1987),[1] then to AmeriMark Bank (1997).[1] In May 2008, Inland Bancorp purchased AmeriMark Bank and subsequently renamed it Inland Bank & Trust.[1][2]
A loss-sharing agreement between Inland Bank, the FDIC, and Illinois Division of Banking, which had masked losses by shifting them to an affiliated company owned by chairman Daniel Goodwin during the Great Recession, was terminated in November 2012.[3]
While this arrangement was active, Inland successfully acquired several failed banks managed by the FDIC, including First Choice Bank in Geneva, Illinois, in 2011.[3][4][5][6] Prior to regulatory scrutiny, Inland’s assets grew threefold over five years through acquisitions in locations such as Countryside and Lake Zurich.[3]
A banking industry consultant highlighted regulators’ demand for consistent financial transparency from institutions like Inland.[3]
The consent order that ended the loss-sharing deal[7] required chairman Goodwin and other investors to inject $30 million in fresh capital.[8] This regulatory order was lifted in July 2013.[9]
Between 2009 and 2013, Inland received $731,404 from the United States Department of the Treasury’s Bank Enterprise Award Program (BEA), which drew criticism due to concerns over whether such incentives were justified while the bank concealed losses through affiliated entities and supported Pan American Bank under common ownership.[10]
Following a fifteen-month rollout of digital card-linked coupon services,[11] Inland revealed plans in September 2014 to expand operations with aspirations to become a public company via an initial public offering.[12] In October of that year, the Illinois Securities Department issued subpoenas for records concerning transactions between Inland and Inland American Real Estate Investment Trust (now InvenTrust Properties) amid investor concerns about potential absorption of bank losses.[10]
In February 2017, Thomas Marvinac was appointed executive vice president and chief credit officer.[13] The following month, a racial discrimination lawsuit linked to a loan modification was dismissed through summary judgment favoring the bank.[14]
College Savings Bank
In 2015, Inland Bank terminated its planned acquisition of College Savings Bank, located in Princeton, New Jersey, following objections raised by the Federal Deposit Insurance Corporation. Afterward, account holders of College Savings initiated a $12 million lawsuit against Inland, accusing the bank of withholding critical information.
By 2019, courts issued a partial summary judgment that favored Inland in the dispute.
External links
- ↑ 1.0 1.1 1.2 1.3 Cite error: Invalid
<ref>tag; no text was provided for refs namedfdic - ↑ Inland Bancorp acquires AmeriMark Financial Corp., Business Wire, September 4, 2007.
- ↑ 3.0 3.1 3.2 3.3 Cite error: Invalid
<ref>tag; no text was provided for refs namedlosses - ↑ FDIC Failed Bank Information: First Choice Bank
- ↑ FDIC Press Release August 19, 2011
- ↑ Kane County Chronicle August 20, 2011
- ↑ Consent Order FDIC-12-378b, November 16, 2012.
- ↑ Annual Report of Holding Companies—FR Y-6 for Inland Bancorp, Inc., December 31, 2013.
- ↑ Chicagobusiness.com July 30, 2013
- ↑ 10.0 10.1 Business Wire December 1, 2014
- ↑ American Banker June 20, 2013
- ↑ Crain Communications September 6, 2014
- ↑ Business Wire February 10, 2017
- ↑ Justia August 1, 2017