Suburban Bancorp

Suburban Bancorp, Inc.

Company type	Public
Industry	Financial services
Founded	1961
Founder	Gerald F. Fitzgerald
Defunct	1994
Fate	Acquired by Bank of Montreal
Headquarters	Chicago suburbs , United States
Area served	Chicago metropolitan area
Key people	Gerald F. Fitzgerald (Founder and Chairman), Gerald F. Fitzgerald, Jr. (President), James G. Fitzgerald (Director and Treasurer), Thomas Fitzgerald (Director and Corporate Secretary)
Products	Banking services

Suburban Bancorp, Inc. operated as a publicly held multibank holding company headquartered in the suburbs of Chicago. Established by Gerald F. Fitzgerald, who was the father of ex-U.S. Senator Peter Fitzgerald, the company remained predominantly under the ownership of the Fitzgerald family. In 1994, Bank of Montreal completed a $246 million all-stock acquisition of Suburban Bancorp. To enhance its Chicago-area operations, Harris Bankmont, Inc., Suburban Bancorp's U.S. subsidiary, was merged into the Harris Bank network.

History

The foundation of what would become Suburban Bancorp was laid in 1961 by Gerald F. Fitzgerald through his purchase of two suburban Chicago banks: Lake Villa Trust and Savings Bank and Palatine National Bank. Over time, he established five banks from inception and acquired several others, culminating in a collection of 13 banks operating from 30 branches throughout Cook, Lake, McHenry, DuPage, and Kane Counties in Illinois. Most institutions bore the Suburban brand accompanied by a maple leaf emblem. Due to Illinois' then-ban on branch banking, Fitzgerald structured each bank independently with an eye toward anticipated deregulation.

In 1982, legislative changes in Illinois permitted single holding companies to possess multiple banks, allowing Fitzgerald to unify his family-controlled banking entities under one umbrella: Suburban Bancorp, Inc., among the earliest multibank holding companies in the state. The company entered public markets in 1986 with a listing on the NASDAQ under the ticker SUBBA.

Suburban Bancorp’s banking operations were distinguished by a conservative approach focused on financial stability, emphasizing robust liquidity and prudent management principles consistent with Fitzgerald’s risk-averse philosophy.

Leadership

Gerald F. Fitzgerald served as Founder and Chairman from 1962 until 1994 and held the position of President between 1961 and 1990 Gerald F. Fitzgerald, Jr. took on the role of President from 1990 to 1994 James G. Fitzgerald acted as Director and Treasurer from 1981 through 1994 Thomas Fitzgerald fulfilled duties as Director and Corporate Secretary during 1981–1994

Legacy

The Fitzgerald family's involvement in banking extended through all four sons of Gerald F. Fitzgerald, including former U.S. Senator Peter Fitzgerald, who established Chain Bridge Bank, N.A. in 2007.

External links

• Gerald F. Fitzgerald Suburban Bancorp Records housed at the Newberry Library