Wintrust Financial Corp. won the bidding for the failed First Chicago Bank & Trust but it is still fighting for the right to use the First Chicago name.
First Chicago failed in July and was taken over by Wintrust's subsidiary, Northbrook Bank & Trust Co., which is operating First Chicago's seven branches under the First Chicago brand. But First Chicago's holding company, First Chicago Bancorp Inc., claims it still owns the First Chicago trademark and that Northbrook is not entitled to it.
Northbrook disagrees and earlier this month it filed a trademark suit against First Chicago Bancorp seeking declaratory judgment for First Chicago to relinquish the title to the name. In its complain filed in U.S. District Court First in the Northern District of Illinois, Northbrook argued that First Chicago Bancorp can not legally provide banking services and therefore "does not possess any valid ownership or usage rights in the trademark."
Wintrust's president and chief executive Edward J. Wehmer said he could not comment on ongoing litigation. The attorney listed for Northbrook also would not comment.
Wintrust, with $14.5 billion of assets, is a multi-bank holding company that typically retains the names of banks it acquires. Since raising $330 million of capital in December 2010, Wintrust has acquired the assets of two mortgage companies and an asset manager and has bought three failed banks. The company also announced in July that it is buying the $288 million-asset Elgin State Bancorp Inc. for $13.5 million.
