Illinois Passes Marijuana Legalization Bill

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The governor of Illinois signed a marijuana legalization bill on Tuesday (June 25), making it the 11th state to legalize pot. In addition, Illinois has become the first state to legalize the selling of the drug.

HBT Financial in Illinois plans IPO

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Community banking IPOs Capital IllinoisThe company could raise as much as $158 million by selling shares to the public.

Central Illinois community banks agree to merge

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Community banking M&A Capital Growth strategies IllinoisTri County Financial will pay an undisclosed amount for H.F. Gehant Bancorp.

Heartland Financial buying bank in Illinois

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Community banking M&A Growth strategies Iowa IllinoisThe Iowa company will pay QCR Holdings about $59 million for Rockland Bank and Trust.

Illinois credit union buying Ben Franklin Financial

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Community banking M&A Credit unions IllinoisThe former mutual, which had faced pressure from an activist investor, agreed to be sold to Corporate America Family Credit Union.

Do Consumers Own Digital ID Algorithms? Look To Illinois.

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Illinois’ Role. Many of those efforts are likely to center on Illinois, which has what is commonly regarded as the strictest law in the U.S. Plaintiffs were seeking more than $5 million for the “hundreds of thousands” of Illinois residents affected.

Hometown Community entering northwest Illinois with bank acquisition

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Community banking Growth strategies M&A IllinoisThe company has agreed to buy Albany Bancshares, which has four branches near the Iowa border.

Illinois Regulator First In US To Join R3 Blockchain Consortium

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One of the recent groups to add their name to the list is the Illinois Department of Financial and Professional Regulation. In its involvement, the Illinois regulator will be responsible for working with 80 financial institutions of R3’s membership to build out secure and scalable blockchain-based applications. Among its R3 counterparts, Illinois will be joining the Bank of Canada and the Securities & Futures Commission of Hong Kong.

Advia Credit Union to buy small Illinois bank

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The move allows the Michigan credit union to expand its operations in Illinois and southern Wisconsin. Community banking M&A Credit unions Illinois Michigan

First Mid-Illinois to buy First BancTrust

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The $74 million acquisition will allow First Mid-Illinois to expands it operatations in the Champaign-Urbana region in Illinois. Community banking M&A Growth strategies Capital Illinois

Illinois enacts law to fund income share agreements; distinguishes them from loans

CFPB Monitor

Illinois’ Democratic legislature recently passed, and its progressive Democratic Governor, J.B. Education loan” means “a loan made to a borrower in accordance with this Act to finance an Illinois resident student’s attendance at an institution of higher education.”.

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

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The 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. According to a report , Illinois Governor Bruce Rauner’s administration said it won’t include Wells Fargo until further notice. Banking Chicago fake account scandal Illinois News wells fargo What's Hot

Changing of the guard at an Illinois bank

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Succession planning Community banking IllinoisLarry Helling will take over next spring as CEO of the $4.8 billion-asset QCR Holdings, when Douglas Hultquist retires.

Midland States in Illinois taps new president

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Community banking Succession planning M&A Strategic plans IllinoisThe move provides a strong hint of the long-term succession plan CEO Leon Holschbach is putting in place.

Blockchain Tracker: 88 Bales Of Cotton, Illinois State Gov. And Adoption

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At the state level, Illinois’ government has shown interest in delving into incorporating blockchain into how it does business. The state of Illinois is taking an important step forward by directly recognizing the many ways in which blockchain and distributed ledger technologies can improve the workings of a variety of state- and county-level governmental functions,” said Lewis Cohen at Hogan Lovells. “By

Illinois Adds Facial Recognition To Driver’s ID Applications

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Among the proposed methods, facial recognition has long been a pie-in-the-sky solution, but Illinois is the latest state to show that there’s a future in the tech. The Chicago Tribune is reporting that Illinois is set to add facial recognition services to its driver’s license application process. Previously, Illinois handed new or replacement driver’s licenses to applicants immediately after all proper paperwork was processed in physical branch locations.

First Busey to acquire Mid Illinois Bancorp

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First Busey will pay $133 million in cash and stock for Mid Illinois in a deal that should close later this year. M&A Capital Growth strategies Illinois

Merchants Bancorp acquiring deposit-rich bank in Illinois

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Community banking M&A Capital Indiana IllinoisThe Indiana bank would add nearly $100 million in deposits with its purchase of FM Bancorp.

First Mid-Illinois to Buy First Clover in Illinois

American Banker

First Mid-Illinois Bancshares in Mattoon, Ill., has agreed to buy First Clover Leaf Financial in Edwardsville, Ill. breaking_news community-banking il dealmaking-strategy

First Eldorado to buy eight Illinois branches from MidCountry Bank

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Branch deals Branch banking M&A IllinoisThe move will more than double the size of Eldorado's branch network, while allowing MidCountry to exit the market.

Midland States to buy Centrue Financial in Illinois

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M&A Capital Integrations Community banking IllinoisThe merger will create a bank with more than $4 billion in assets.

Illinois CU Fined for Failure to Take Timely Remedial Actions

Keith Leggett's Credit Union Watch

The Illinois Department of Financial and Professional Regulation, Division of Financial Institutions assessed a civil money penalty against SmartChoice Credit Union (Spring Valley, IL) for its failure to take timely remedial action with respect to specific violations.

Marijuana Business Burns Small Illinois Bank

American Banker

Millennium Bank is said to have been the target of an enforcement action related to its work with the pot industry. The episode shows why many banks remain reluctant to serve the fast-growing cannabis industry. community-banking consumer-finance compliance fdic kyc aml il national-regional

First Mid-Illinois to boost fee income with SCB Bancorp acquisition

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M&A Capital Insurance Ag lending Agriculture industry IllinoisNearly a third of the company's revenue will come from noninterest income after it buys SCB, which owns a large insurance and farmland management business.

CNB Bank Shares adds scale in central Illinois with Jacksonville Savings deal

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Community banking M&A Capital Growth strategies IllinoisThe company will pay $62 million in cash for a bank with four branches and $337 million in assets.

Illinois blockchain task force is a welcome boost for competition

Payments Source

ISO and agent Digital currencies Blockchain Digital payments IllinoisThe move will explore the risks and opportunities of the new technology, and the group membership allocation across agencies and stakeholder groups seems to be a reasonable way to include a range of opinions, writes Rob Viglione, co-founder of ZenCash.

Policy Advocate Calls for Illinois CUs to Pay Their Fair Share of Taxes

Keith Leggett's Credit Union Watch

Peter Prickett, President of Council for Sound Tax Policy, has called for credit unions, especially the largest, to pay their fair share of the tax burden in Illinois. And the largest Illinois credit unions tower over the majority of community banks they compete with. Prickett noted that 3 of Illinois largest credit union have bought naming rights to sports stadiums and signed exclusive sponsorship deals with sports teams, but paid nothing in income taxes.

Deadline Extended for Harvard Illinois Sale

American Banker

Wonder Bancorp and Harvard Illinois Bancorp have extended the deadline for their merger to May 31, according to a joint news release issued Friday. breaking_news dealmaking-strategy m-a il community-banking

Illinois Amends St. Elizabeth CU's Suspension Order

Keith Leggett's Credit Union Watch

The state of Illinois announced on October 5 that it was amending the suspension order for St. The Illinois Division of Financial Institutions suspended the operations for the tiny credit union for an additional 60 days. Elizabeth Credit Union (Chicago, IL). The amended order cited numerous compliance deficiencies at the credit union.

Advia CU to Acquire Illinois Bank

Keith Leggett's Credit Union Watch

Advia Credit Union (Parchment, MI) has announced that it plan to acquire Golden Eagle Community Bank (Woodstock, IL). The deal awaits bank shareholder and regulators approvals. Golden Eagle Community Bank has $155 million in assets and three offices. When the deal is completed, this will be the third bank acquired by #1.7 billion Advia CU. The price tag of the deal was not disclosed. The transaction is expected to be completed in the second quarter of 2019. Read the press release.

RBB entering Chicago with PGB acquisition

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Community banking M&A Growth strategies California IllinoisBoth banks focus on the Chinese-American community.

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

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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

Illinois Regulator Liquidates Good Shepherd Credit Union

Keith Leggett's Credit Union Watch

Good Shepherd Credit Union (Chicago, IL) was involuntarily liquidated by the Illinois Department of Financial and Professional Regulation. The credit union had its operations suspended earlier this year by the state credit union regulator. Good Shepherd was privately insured by American Share Insurance. Read the Involuntary Liquidation Order. ASI Credit Union Closure Credit Union Failure Private Deposit Insurance Privately Insured Credit Unions

Home Federal in Illinois to Raise $7.5M from Stock Conversion

American Banker

Home Federal Savings and Loan Association of Collinsville in Illinois is planning to raise at least $7.5 million as part of its conversion from a mutual to a stock-owned company. breaking_news dealmaking-strategy il community-banking

As Biometrics Advances, Laws And Regulations Try To Catch Up

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But the laws and regulations governing biometrics have yet to catch up to the reality of their use, and that’s perhaps most apparent when it comes to two recent, high-profile cases in Illinois. The Supreme Court in Illinois ruled on Jan.

Six Flags Biometrics Ruling Could Affect Facebook, Google

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The Supreme Court in Illinois ruled on Friday (Jan. 25) that a teen can sue Six Flags amusement park over violation of an Illinois privacy law, in a case that could have repercussions for tech giants like Google and Facebook.

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Organizers apply with FDIC to open women-run bank in Chicago

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Community banking Capital De novo institutions WIB scan IllinoisFWBank would be led by Marianne Markowitz, former acting SBA director. Amy Fahey, a former JPMorgan Chase executive, would serve as chairman.

'Void after 90 Days?' Illinois Court Says No

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The ruling means that customers could be at risk for not reviewing bank statements carefully and then failing to notify their bank of an error in a timely manner. consumer-finance

First Midwest making big Milwaukee push with Park Bank purchase

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Community banking M&A Growth strategies Wisconsin IllinoisThe company will pay $195 million for its first retail operations in the city.

Midland States in Illinois Plans $120M IPO

American Banker

Midland States Bancorp in Effingham, Ill., is planning to raise $120 million through an initial public offering. The $company said in a regulatory filing Monday that it has applied to list shares on the Nasdaq Global Select Market. breaking_news community-banking il capital dealmaking-strategy

Wintrust continues Chicago suburb expansion with SBC purchase

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Community banking M&A Growth strategies IllinoisThe company agreed to buy the parent of Countryside Bank for $90.5 million.

Illinois CU Regulator Orders Business to Stop Using Term "Credit Union"

Keith Leggett's Credit Union Watch

The Illinois Division of Financial Institution ordered 1st Provision Credit Union to cease and desist from transacting business and using the term "credit union' or any abbreviation thereof. According to 1st Provision's website, the business is located in Ottawa, Illinois and describes itself as a credit union. The state regulator found that as of October 13 the entity was neither chartered by the National Credit Union Administration nor the state of Illinois.

Illinois state regulators close second bank of the year

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The failure of Seaway Bank, once the nation's biggest black-owned bank, cost the FDIC $57.2 million. Banking Failures M&A Consolidations