International Bank of Chicago Completes Acquisition of Premier Bank

CHICAGO--()--International Bank of Chicago, the wholly-owned subsidiary of IBC Bancorp, Inc. announced today that it has acquired certain assets and liabilities and the banking operations of Premier Bank in an FDIC-assisted transaction.

Premier Bank, which currently operates two locations in Illinois - Wilmette and the near west side of Chicago, had approximately $269 million in total assets and $199 million in total deposits as of December 31, 2011.

Premier locations re-opened on Saturday, March 24, 2012 and they now operate as International Bank of Chicago. Customers of Premier continue to bank as usual, with full access to their deposits, including ATM or debit cards, and checks.

"We are very pleased to have the opportunity to expand our presence to the North Shore, where we are already serving many residents,” says Frank Wang, president and CEO of International Bank of Chicago. “This FDIC-assisted transaction greatly complements our existing services. We will put the resources of International Bank of Chicago to provide a great banking experience for the customers and communities currently served by Premier Bank.”

This is the second acquisition for International Bank of Chicago, which acquired the Des Plaines-based All American Bank in October 2011.

“It is an exciting time for our company,” states Maria Yu Tai, Chairman of International Bank of Chicago. “These current transactions are transformational, catapulting our institution into the top echelon of best performing minority focused banks in the country and significantly accelerating our growth trajectory.”

With pro forma assets approaching $500 million, Tai says International Bank of Chicago is becoming the top community bank in Chicago with a focus on serving ethnic Chinese, Korean, Hispanic, Indian and Pakistani communities.

John F. Purtill from Meltzer, Purtill & Stelle Inc. acted as IBC Bancorp’s legal advisor and Eugene B. Katz from Hovde Financial, Inc. as its financial advisor.

About IBC Bancorp Inc. and International Bank of Chicago

IBC Bancorp is a bank holding company with assets of approximately $289 million as of December 31, 2011. Its wholly owned subsidiary International Bank of Chicago is a CDFI registered institution with the U.S. Department of Treasury and an MDI. International Bank of Chicago operates five branch locations in Chinatown, North Chinatown, Bellwood, Des Plaines and Stone Park.

Contacts

International Bank of Chicago
Media Contact:
Don Stahl, 708-410-2899
Donald.Stahl@inbk.com

Contacts

International Bank of Chicago
Media Contact:
Don Stahl, 708-410-2899
Donald.Stahl@inbk.com