Illinois

Strong commercial loan growth drove an 8% year-over-year increase in Private Bancorp's second-quarter profit.

The $24.4 billion-asset company reported a $50 million profit in the second quarter, up 2% from the first quarter.

Costs from a lawsuit settlement, the modification of some customers' contracts and employee severance costs combined to push down second-quarter profit at Northern Trust in Chicago.

Profits rose nearly 3% at Discover Financial Services in the second quarter thanks to solid loan growth and a one-time tax benefit.

The three custody banks had been projected to post weak second-quarter results because of a lull in foreign exchange trading. Then Brexit happened, and everything changed.

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.

Wintrust Financial in Rosemont, Ill., has agreed to buy First Community Financial in Elgin, Ill.

The $99 million-asset thrift said in a recent press release that Best Hometown Bancorp, a holding company it created, raised $8.3 million as part of an initial public offering tied to its mutual-to-stock conversion. Home Federal also plans to change its name to Best Hometown Bank.

The Canadian company is determined to rely on low-cost deposits, lending prowess and cross-selling to justify the price it will pay for PrivateBancorp. Each of those strategies could backfire, highlighting why most acquirers emphasize cost-cutting when pitching a deal.

First Midwest Bancorp in Itasca, Ill., has agreed to buy Standard Bancshares in Hickory Hills, Ill.