US based Hinsdale Bank & Trust Company has agreed to offload the deposits and existing banking operations of Second Federal Savings and Loan to Self-Help Federal Credit Union, as part of The Resurrection Project.
Hinsdale Bank , which is a wholly-owned subsidiary bank of Wintrust Financial, manages three Second Federal locations including two branches in Chicago and one in neighboring Cicero, Illinois.
The transaction, whose financial terms have not been undisclosed, will complete in the first quarter of 2013, following the receipt of banking regulators and satisfying certain closing conditions.
Second Federal, which had $161m in deposits as of 30 September 2012, was acquired by Hinsdale Bank from the Federal Deposit Insurance Corporation (FDIC) when it failed and was in receivership with the FDIC on 20 July 2012.
Having over $17bn in assets, Wintrust is a financial holding company, which manages 15 community bank subsidiaries, with over 100 banking locations situated in the greater Chicago and Milwaukee market areas.