Illinois

Heartland Financial USA's unusual acquisition of Freedom Bank in Sterling, Ill., seems to be more about collecting on a debt than strategic M&A. Such moves are uncommon but have happened in the last few years — and they can work.

First Community Financial Partners (FCMP) in Joliet, Ill., is now allowed to manage its capital without regulatory consent.

Wintrust Financial (WTFC) in Rosemont, Ill., has renegotiated a $100 million loan agreement with outside lenders.

The Treasury Department plans to auction seven more lenders' Troubled Asset Relief Program shares, with a total face value of about $90 million.

Old Second Bancorp (OSBC) in Aurora, Ill., joined the growing list of banks benefiting from the recapture of its deferred-tax asset valuation allowance.

Wintrust Financial in Rosemont, Ill., recorded higher quarterly profits on increased net interest income and benefits from buying Diamond Bancorp in Schaumburg, Ill.

The Treasury Department expects to receive roughly $66 million from a recent auction of stakes it owns in seven banks from the Troubled Asset Relief Program.

The Treasury Department plans to auction stakes in eight more banks as it continues winding down the Troubled Asset Relief Program.

First Farmers Bank & Trust in Converse, Ind., has received regulatory approval to acquire most of the Bank of Indiana.

First Community Financial Partners in Joliet, Ill., has repurchased a large chunk of shares from private investors that acquired the shares from the Treasury Department's Troubled Asset Relief Program.

Bank buyers should run potential deals by regulators early to avoid "landmines" and speed applications, officials from the Office of the Comptroller of the Currency say. Proper due diligence, succession planning and risk management are among the things they look for.

The $18 billion-asset company said late Tuesday it has acquired certain assets and liabilities from Surety Financial Services in Sherman Oaks, Calif. The companies did not disclose the terms or specify the assets that were transferred.

The $356.6 million-asset company issued 2.8 million shares of common stock to investors at a purchase price of $1.00 per share.

The Federal Deposit Insurance Corp. took action against three banks in August and released one bank from a consent order.

First Clover Leaf Financial (FCLF) in Edwardsville, Ill., has hired David Kuhl as the president and chief executive for its bank.

Midland States Bancorp in Effingham, Ill., has agreed to buy Heartland Bank in St. Louis to lower its reliance on interest income, strengthen fee income and improve its chances at going public.

Self-Help Federal Credit Union, the California community development credit union that bought Second Federal Savings & Loan last year, has officially reopened the failed thrift in conjunction with Chicago's Resurrection Project.

The Treasury Department will receive $91 million from its latest auction. The agency announced plans last week to auction nearly $118 million of securities from several small banks.

Midland States Bancorp in Effingham, Ill., has agreed to buy Heartland Bank in St. Louis from Love Savings Holding Co.

Midland States Bank in Effingham, Ill., is reportedly close to buying Heartland Bank in St. Louis.