Illinois

First Midwest Bancorp will move its headquarters to Chicago from Itasca, Ill., next year. The $11.6 billion-asset company will open an 80,000-square-foot office in the spring of 2018.

The University of Illinois is getting an education in how complex tuition payment processing can be, especially when the students enrolled from outside of the U.S. It also serves as an example of the clients that are in big demand for cross-border payment companies seeking larger volumes.

First Midwest Bancorp in Itasca, Ill., has hired the former chief financial officer at Fulton Financial, about two weeks after he announced his resignation from the Lancaster, Pa., company.

Old Second Bancorp in Aurora, Ill., raised $45 million from a debt sale.

Canadian Imperial Bank of Commerce stands by its cash-and-stock bid to buy U.S. lender PrivateBancorp and is willing to wait out a market rally to complete the deal, Chief Executive Officer Victor Dodig said.

A PrivateBancorp investor is urging other shareholders to reject the Chicago company's proposed sale to CIBC in Toronto.

Some banks are set to get a fourth-quarter earnings boost from their MSR portfolios, thanks to a sudden spike in yields on Treasury bonds. Add to that the prospect of further rate hikes and the potential dismantling of Basel III, and more banks could be encouraged to re-enter the servicing business.

Two Midwest community banks plan to close a total of 11 branches and record charges to pay for the shutdowns.

BMO Harris Bank in Chicago has agreed to sell 31 Wisconsin branches to a California real estate investment trust.

Northern Trust on Tuesday promoted Michael O'Grady to president. O'Grady currently serves as head of corporate and institutional services at the Chicago-based custody bank, overseeing businesses such as asset servicing and investment management.