Illinois

The Chicago institution, formed in 2010 to buy the failed ShoreBank, has hired Sandler O'Neill to gauge interest from potential buyers, according to a published report.

Erminia Johannson's promotion is part of an effort by BMO Financial to generate more revenue from its U.S. operations.

After launching a video-banking platform in 2016, Vibrant Credit Union has now rolled the program out across its entire branch network, citing high member satisfaction rates, a boost in lending and decreased wait times.

The company, which raised $23 million through a private placement, had a 6.97% total capital ratio at Dec. 31.

The tiny Chicago-based CU, with less than $1 million in assets -- is the first credit union failure of 2018.

The Chicago custody bank won new fund-administration business and benefited from the acquisition of a UBS asset-management unit. A one-time adjustment tied to the new tax law also provided a boost.

An economic correction is long overdue, the Ohio company says in explaining why now is the wrong time for long-term entanglements like mergers.

The Illinois company reported strong loan growth, an wider net interest margin and a one-time net tax benefit of nearly $8 million tied to recently passed tax reform.

The company will pay $62 million in cash for a bank with four branches and $337 million in assets.

Banks that have flocked to the business because of higher yields and loan diversity stand to benefit if clients use tax savings to upgrade equipment.