Tech Center: Chicago On Deck

PYMNTS

Chicago is more than just the place the Chicago Cubs and Bulls call home. Bubbling under the surface of Chicago lies an up-and-coming tech center. Given that many large cities in the United States have increasingly become places for tech startups, it’s natural to see Chicago as one of the next tech centers. Before we jump into the post, here are a few quick facts about Chicago and its tech scene: . Chicago’s population is 2,720,546 (2015).

Target Opening Additional Small Stores In NYC And Chicago

PYMNTS

Target has announced it is opening additional small-scale stores in New York City (NYC) and Chicago. In 2016, the company announced it had opened 23 “flex-format” stores — smaller stores less than 50,000 square feet designed for urban shoppers — in metro areas like Chicago, Philadelphia and Berkeley, California. In addition, another small-format store in Chicago’s Wicker Park neighborhood will open this summer.

Amazon Go To Expand To San Francisco And Chicago

PYMNTS

The Amazon Go store is getting ready to expand into San Francisco and Chicago. We plan to open Amazon Go in Chicago and San Francisco,” said an Amazon spokesperson, who didn’t have information about other cities where the store might launch. The first cashierless Amazon Go store opened in January in Seattle after being in development for five years. It’s located on the ground floor of the eCommerce giant’s new headquarters.

Canada’s Aritzia Opening Second Chicago Location

PYMNTS

is expanding in Chicago as it targets both brick-and-mortar and online expansion. According to Chain Store Age , the fashion retailer will open a flagship on Rush Street in Chicago this fall. ” Retail Aritzia canada Chicago fashion fashion retailer usCanada’s Aritzia Inc. The Vancouver, British Columbia–based company already operates a store in the Windy City, at Water Tower Place.

Chicago Developer Tries To Lure Amazon With Its Own Stadium

PYMNTS

Sterling Bay, a Chicago developer, is throwing in a sports and concert stadium into its proposal for Amazon’s second U.S. According to a news report in the Chicago Tribune , the developer’s Lincoln Yards project includes the ability for Amazon to have a stadium at its headquarters. The city asked us for our boldest ideas on Amazon’s HQ2, and that’s what we did at Lincoln Yards,” Sterling Bay managing principal Andy Gloor said in an email to the Chicago Tribune.

Amazon Opening Up Physical Store In Chicago

PYMNTS

Amazon is dominating in the eCommerce world, but that doesn’t mean it doesn’t see value in physical store fronts, with the eCommerce retailer gearing up to open up an offline store in Chicago’s Lakeview neighborhood. In a report by Chicago Tribune , Amazon spokeswoman Deborah Bass confirmed in an email it is bringing an offline bookstore, dubbed Amazon Books, to Southport in Chicago.

Wells Fargo Shut Out Of Illinois Bond Business; Chicago May Follow Suit

PYMNTS

Meanwhile, the Chicago City Council is gearing up to consider a moratorium on doing any bond-related business with Wells Fargo as well. Banking Chicago fake account scandal Illinois News wells fargo What's HotThe Wells Fargo fake account scandal has resulted in more fallout for the beleaguered bank — this time, with Illinois announcing a ban on bond and investment work with Wells Fargo.

Impact Roadshow | Chicago, IL

Filene

Due to the weather, this event has been cancelled. 1:00 p.m. - 3:00 p.m. Local Host: Alliant Credit Union. Filene Host: Cortney Angeley. WHAT IS AN IMPACT ROADSHOW?

Will Chicago Be The Next City To Say Bye-Bye To Uber And Lyft?

PYMNTS

A vote in Chicago this week could decide if Uber and Lyft will continue to operate there, as the vote from the full city council will determine whether or not ride-sharing firms will have to comply with the same types of regulations city-licensed taxi drivers are forced to. The so-called “Rideshare Reform” rules have already passed a subcommittee of the Chicago City Council as of Friday, with the full vote scheduled for tomorrow. Retail Chicago Lyft Uber

Sephora’s High-Tech Chicago Outpost

PYMNTS

Sephora is expanding its Beauty TIP Workshop store format to Chicago — with some fancy new high tech flourishes added. Considering that the new Chicago location features some 13,000 products to play with in their interactive environment — actually a lot. The beauty brand currently has similar locations in Boston, San Francisco and Toronto.

Impact Roadshow | Chicago, IL

Filene

10:00 a.m. - 12:00 p.m. Local Host: Illinois Credit Union League. Filene Host: Brenton Peck. Click the arrow below to REGISTER for this event: WHAT IS AN IMPACT ROADSHOW?

Why A Chicago Startup Is Tying Its Future To Physical Retail

PYMNTS

And adapting to those evolutions – and following them through, ” The Tie Bar CEO Allyson Lewis noted in an interview Lewis is how the eCommerce Tie Bar brand made a full migration to permanent physical stores — now up and running in Boston, Chicago and New York. “We’ve Brick-and-mortar retail oftentimes gets a bad rap in 2018. It’s not wholly undeserved, of course.

Exclusive Interview With Jason Henrichs, Co-Founder of FinTEx Chicago

Let's Talk Payments

The more people you meet from the Chicago FinTech scene, the more it draws you in. I really enjoyed my conversation with Jason Henrichs who is involved with a lot. Fintech Insights insights US

Sageworks to host 2015 Risk Management Summit in Chicago

Sageworks

Bank and credit union executives and leading industry experts will convene September 23-25 in Chicago, Illinois, for the premier banking conference covering the ALLL and stress testing.

Rinse Clothing Service Raises $14M To Expand To Boston, Chicago And Beyond

PYMNTS

Rinse has a solution for both, and thanks to a $14 million Series B funding round led by Partech, it’s taking that solution to two new cities: Boston and Chicago. Including Boston and Chicago, which could see service as soon as the end of summer, Rinse has plans to expand into 10 new cities in the immediate future and eventually to go nationwide. The dry cleaning industry isn’t working. Customers feel it, vendors feel it— but both parties need it to work.

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Sprig Stops Food Delivery To Chicago, Begins Laying Off Staff

PYMNTS

Sprig , the mobile app that allows customers to find and order “delicious meals” made with “honest ingredients” that can be delivered to their doorstep quickly, is changing up its delivery model and pausing operations in Chicago, according to TechCrunch. As part of this reorganization, Sprig will be laying off seven employees in its marketing and operations team; Sprig has also let go of its local drivers and kitchen staff in Chicago.

Bitcoin futures trading starts on CBOE exchange in Chicago

The Paypers

(The Paypers) On December, 10, Bitcoin begun trading on the CBOE futures exchange in Chicago at 23:00 GMT, according to BBC

Why Chicago frustrates bankers

BankThink

Rising taxes, declining population and the political landscape in Illinois have led several bankers to put more money and resources into nearby states. Community banking Regional banks Capital Illinois Indiana Wisconsin

Amazon Opening Package Pickup Spot At Chicago’s University Of Illinois

PYMNTS

15) that it has entered into an agreement with the University of Illinois at Chicago to open a package pickup location inside the student center on the UIC campus, Amazon said in a press release. Amazon announced on Monday (Aug. The center, called Amazon@UIC, will be a staffed package pickup location where students, faculty and staff can pick up and return Amazon orders. The 2,300-square-foot Amazon@UIC is expected to open later this year. “We

Velocity Solutions Executive Summit in Chicago

CU Insight

Chicago – May 1, 2018. The post Velocity Solutions Executive Summit in Chicago appeared first on CUInsight. The Industry’s Most In-Demand Event for Credit Union Executives!

Fifth Third Bancorp And MB Financial Merge In $4.7B Deal

PYMNTS

Once the deal is complete, the merged company will have a Chicago deposit market share of 6.5 The combined company will have a 20 percent share of middle-market relationships in Chicago, giving it a second place position, the companies noted in the press release. MB Financial, which is based in Chicago and is the holding company for MB Financial Bank, has around $20 billion in assets and has been serving the Chicago market for more than 100 years.

Is the Chicago Taxi Industry on the Verge of Collapse?

Keith Leggett's Credit Union Watch

USA Today is reporting that ride-sharing companies are pushing the Chicago taxi industry to the brink of extinction. According to the story, approximately 42 percent of Chicago's taxi fleet was idle during the month of March 2017. This is not good news for credit unions that are holding Chicago taxi medallion loans. Average monthly income per active medallion fell from $5,276 in January 2014 to $3,206 this year.

MB Financial in Chicago Adds IT Specialist to Board

American Banker

MB Financial in Chicago has appointed an executive from an advanced analytics company to its board. The $19 billion-asset company said in a press release Thursday that Sunil "Sonny" Garg is the energy solutions leader at Uptake. breaking_news bank-technology people corporate-governance il community-banking

Regulator Suspends Operations of Tiny Chicago CU for 60 Days

Keith Leggett's Credit Union Watch

Elizabeth's Credit Union (Chicago, IL) for 60 days in an order issued on August 9. The Illinois Division of Financial Institutions suspended the operations of St. The Division of Financial Institutions found that the credit union was in danger of insolvency. The order noted there were serious financial and management deficiencies at the credit union and that the true financial condition of the credit union could not be ascertained.

Chicago's Federal Savings Purchases ICC Mortgage Services

American Banker

Federal Savings Bank in Chicago has acquired the assets of ICC Mortgage Services in Westbury, N.Y. breaking_news community-banking consumer-finance dealmaking-strategy

Wintrust plays small ball with Chicago bank acquisition

BankThink

The serial acquirer is buying Delaware Place Bank, which is less than 1% of its size. Community banking M&A Capital Growth strategies Illinois

Ill. Suspends Wells Fargo from Bond Work; Chicago May Follow

American Banker

Fallout from the Wells Fargo phony accounts scandal has reached Midwest bond borrowers, with Illinois announcing bans on bond and investment work and the Chicago City Council set to consider a moratorium on any bond-related business. breaking_news law-regulation national-regional consumer-finance

Royal Financial in Chicago to Sell $26M in Distressed Assets

American Banker

Royal Financial in Chicago has agreed to sell $25.8 million of distressed assets associated with its pending purchase of Park Bancorp in Chicago. breaking_news community-banking m-a il dealmaking-strategy

Chicago Taxi Medallion Prices in Q3 Are Down 75 Percent from Two Years Ago

Keith Leggett's Credit Union Watch

The City of Chicago reported that the average taxi medallion prices for the third quarter of 2016 was $75,250. In the third quarter of 2014, taxi medallion prices in Chicago ranged between $250,000 and $357,000 with an average price of $304,875.

Dems seek investigation of Chicago banker caught up in Russia probe

BankThink

Two House Democrats are asking the Pentagon for information about its contacts with Stephen Calk, CEO of a small Chicago bank that made $16 million in mortgages to President Trump's campaign manager. Crime and misconduct Trump administration Community banking Mortgages

What Does SBNY's Earnings Report Tell Us About CU's Chicago Taxi Medallion Valuations/

Keith Leggett's Credit Union Watch

Signature Bank threw in the towel on its Chicago taxi medallion portfolio and made the decision to reserve for or write down each Chicago taxi medallion loans to $60,000. Here are some highlights from the press release on taxi medallion loans in Chicago. million in provisioning expenses for its Chicago taxi medallion portfolio. million of the charge-offs in the 2016 third quarter were for the Chicago taxi medallion portfolio.

Virginia bank winding down mortgage unit after striking deal with Chicago thrift

BankThink

Union Bankshares has reached an agreement under which Federal Savings Bank will originate mortgages in its branches. Community banking Mortgage applications Mortgages Virginia Illinois

Half Of Chicagoans To Shop Online This Holiday

PYMNTS

Holiday purchases are no longer restricted to the weekend after Thanksgiving, reported The Chicago Tribune. The trend away from brick-and-mortar retail isn’t restricted to Chicago, found the survey. Traditional retailers in Chicago are pursuing strategies to answer the eCommerce trend, the Chicago Tribune reported. Retail Accenture brick and mortar Chicago e-commerce Holiday News shopping What's Hot

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What Overbanked Chicago Augurs for the Future of M&A

American Banker

The Windy City is littered with small, privately held banks, some of which are looking to sell. Here is an overview of the challenges — and possible solutions — faced by those banks and ones like them in clogged banking markets around the country.

Chicago deposits millions into city's last black-owned bank

BankThink

The third-largest U.S. metropolis is entrusting $20 million to Illinois Service Federal Savings & Loan Association, the city’s treasurer, Kurt Summers, announced Monday. Community banking CDFIs Deposits

Chicago bank, large investors plan $120 million IPO

BankThink

The offering would be a big milestone for Byline Bancorp, which was recapitalized in 2013 by a group led by former Banco Popular North America CEO Roberto Herencia. Community banking Capital Growth strategies Illinois

MasterCard Brings Tap-To-Pay To Public Transit In 80+ Cities

PYMNTS

With summer coming, one of the largest travel and vacation periods in the year, Mastercard and its partners have enabled travelers to use devices to pay for public transit in popular tourist destinations, including London, New York, Chicago, Milan and St. Payment Methods Chicago contactless payment london MasterCard milan mobile payment Public Transit tap to pay What's Hot

Tiny Chicago Area Bank Emerges as Big SBA Lender

American Banker

West Town Bancorp in Illinois has revved up its government-backed lending to small businesses, making it a good example of how community banks can outhustle big lenders in the quest for new sources of fee income.

37 Fun Things to Do in Chicago, IL – Attractions & Places to Visit (on a Budget)

Money Crashers

Chicago means different things to different people. For some, Chicago is a bastion of American culture, whether lowbrow (sketch comedy) or highbrow (jazz music and fine art museums). For still others, Chicago’s seamy… 37 Fun Things to Do in Chicago, IL – Attractions & Places to Visit (on a Budget) is a post from the Money Crashers personal finance blog.

CIBC to Buy PrivateBancorp in Chicago for $3.8 Billion

American Banker

Canadian Imperial Bank of Commerce in Toronto has agreed to buy PrivateBancorp in Chicago for $3.8 billion, finally giving the Canadian bank a meaningful retail presence in the United States. breaking_news community-banking m-a dealmaking-strategy