CHAMPAIGN — Small community banks are reeling from the cost of complying with the Dodd-Frank Act, the chairman of the Illinois Bankers Association said.
And in some cases, their customers are feeling the restrictions of Dodd-Frank, too.
Five banks were upgraded and one was downgraded in the latest ratings from BauerFinancial based on data for the financial quarter that ended Dec. 31, 2014.
Midland States Bank was the lone bank to be downgraded, falling from 5-star ("superior") to 4-star ("excellent"). The Effingham-based bank has 32 offices in Illinois, including one in Champaign, plus an office in Chesterfield, Mo.
URBANA — Marine Bank has filed for commercial foreclosure against Platinum Group Properties, Paul Zerrouki and Nicoleta Negrau in connection with six apartment complexes in Urbana and one in Champaign.
FOOSLAND — With help from a Fisher bank, a rural Foosland man averted losing thousands of dollars to a scam artist.
According to Lt. Brian Mennenga of the Champaign County Sheriff's Office, the elderly man said a man came to his house in rural Foosland the afternoon of Jan. 26 and said he needed electric surge suppressors on his house as a safety precaution.
5 takeaways from First Busey's fourth-quarter report, courtesy business writer Don Dodson:
Five banks were upgraded and two were downgraded in the latest ratings from BauerFinancial based on data for the financial quarter that ended Sept. 30.
Pittsburgh-based PNC Bank, which has area offices in Champaign and Urbana, was upgraded from 31/2 stars ("good") to 4 stars ("excellent").
Last week, The News-Gazette explained how Busey Bank's merger with Pekin-based Herget Bank would affect banks' shares of deposits in the Peoria area.
This week, we'll turn closer to home to examine what share of deposits various banks have in the Champaign-Urbana and Danville metropolitan areas.
Busey Bank would have the sixth-largest share of deposits in the Peoria market if its proposed merger with Herget Bank goes through, according to a recent filing made by parent company First Busey Corp.
Customers of Christopher & Banks and CJ Banks at Champaign's Market Place Shopping Center can look for a new combined store later this week.
The new store will be located between Complete Nutrition and J. Jill in the mall's Courtyard by Marketplace wing, said Angel Jones, who will be manager of the combined store. The new space was once the location of Coldwater Creek.
CHAMPAIGN — First Busey Corp. this week reported third-quarter net income of $9.1 million, up from $7.9 million a year earlier.
For shareholders in the Champaign-based parent company of Busey Bank, that resulted in earnings of 10 cents per share, up from 8 cents per share in the third quarter of 2013.