State Financial combines four of its bank charters

Northwestern Financial Review, Sep 18, 1999

Milwaukee-area State Financial Services Corp. plans to combine its four bank charters in a move that the company said will benefit its customers. Hales Corners-based State Financial will consolidate two Wisconsin banks-State Financial Bank in Hales Corners and State Financial BankWaterford-along with two Illinois banks-State Financial Bank in Richmond and Bank of Northern Illinois, N.A., Waukegan.

The plan was announced on Aug. 19 by the $1 billion asset company. Once the consolidation is completed early next year, the bank's customers should be able to conduct business at any of State Financial's 16 offices in southeastern Wisconsin and northeastern Illinois.

State Financial's Illinois thrift subsidiary, Home Federal Savings and Loan Association of Elgin, will remain a separately chartered institution. The thrift was purchased in December 1998.

Besides the thrift acquisition, State Financial on June 23 completed its purchase of the $212 million Bank of Northern Illinois in Waukegan in a $28 million stock transaction. With the purchase of Bank of Northern Illinois, State Financial added a trust department to its empire.