Banking

Banking

Madigan discusses foreclosure scams

CHAMPAIGN — Illinois Attorney General Lisa Madigan was at the Champaign Public Library on Wednesday to brief community and elected officials that "free, legitimate" relief is available to homeowners dealing with foreclosure proceedings.

Banking companies report second-quarter results

Three area banking companies whose stock is publicly traded reported second-quarter net income that was lower than a year ago.

The parent companies of Regions Bank, Commerce Bank and First Financial Bank all reported drops in second-quarter income, compared with a year earlier.

Effect of rising interest rates unclear on housing market

Realtors in Champaign-Urbana and Danville say it's difficult to tell whether a rise in mortgage rates has put a crimp in homebuying.

First Busey profits up 52 percent

CHAMPAIGN — First Busey Corp. saw second-quarter net income rise by 52 percent over the same quarter last year.

The Champaign-based parent of Busey Bank on Tuesday reported net income of about $7.4 million for the quarter that ended June 30, up from about $4.9 million during the same quarter in 2012.

Midland States parent completes Grant Park acquisition

EFFINGHAM — The parent company of Midland States Bank has completed its acquisition of First National Bank of Grant Park.

With the acquisition, Midland's presence in northern Illinois increases to 19 offices. Altogether, Midland States has about three dozen locations, most of them in Illinois.

2 credit unions up, 1 down in latest ratings

Two area credit unions have been upgraded and one downgraded in BauerFinancial's latest ratings, based on regulatory data from March 31.

Danville Consolidated Credit Union, which had been rated 2-star ("problematic") in the previous quarter's ratings, was upgraded to 3-star ("adequate") in the latest ratings.

4 area banks up, 4 others down in quarterly ratings

Four area banks were downgraded and four were upgraded in the latest ratings from the BauerFinancial rating service, based on data for the quarter that ended March 31.

Downgraded from 5-star ("superior") to 4-star ("excellent") were:

— United Community Bank, with offices in Oakwood and Danville.

— State Bank of Cerro Gordo.

Area bank ratings for first quarter 2013

Here's the breakdown of BauerFinancial's ratings of 77 banks with offices in East Central Illinois based on data from the quarter that ended March 31:

5-star ("superior")

41 banks

Arcola First Bank

Bank of Gibson City

Bank of Rantoul

Buckley State Bank

Busey Bank

Cissna Park State Bank

Commerce Bank

Central Illinois Bank parent net income up from year ago

WAUKESHA, Wis. — Central Illinois Bank's parent company reported net income of $34,000 in the first quarter of 2013, a turnaround from a year earlier when the banking concern had a net loss of $111,000.

For shareholders of CIB Marine Bancshares, that translated to essentially no earnings per share for the quarter, compared with a net loss of 1 cent per share a year earlier.

Commerce Bank acquires Oklahoma firm

KANSAS CITY, Mo. — Commerce Bank stands to expand its business in Oklahoma as a result of its parent company's agreement to acquire Tulsa, Okla.-based Summit Bancshares.

Commerce Bancshares announced Wednesday that it agreed to acquire the Oklahoma banking concern for $40.6 million in stock.