New book by Larry Connors Click here Improve your trading - See how
With $2.5 billion in deposits, Midwest ranks ninth among banks based in the Chicago area. It places 17th among all banks doing business in the Chicago area.
That's no small feat considering 258 banks do business in and around the Windy City.
"That's probably about 230 too many," Giancola asserted at the Howe Barnes Hoefer & Arnett conference Tuesday.
Chicago is one of the banking industry's most competitive markets, Giancola said, and new numbers from the Federal Reserve back him up.
As of June 30, 2007, the latest period for which figures are available, Illinois had 592 banks, or 0.46 banks per 10,000 residents, with an average of $579 million in assets.
That's down from 650 banks, or 0.54 banks per 10,000 residents, with $545 million in assets in the 2006 period.
Still, Illinois consumers have far more choices than many other states.
Other states had on average 145 banks, or 0.24 banks per 10,000 residents, with an average of $1.4 billion in assets.
Once-restrictive bank branching laws in Illinois suppressed expansion for decades. But as the restrictions were relaxed, the number of banking offices rose.
Indeed, as of June 30, 2007, Illinois boasted 4,431 bank branches, up from 4,349 branches in 2006.
The number of Illinois branches is up 69 percent since 1994, while nationwide the number of branches grew 22 percent between 1994 and 2007.
Illinois had 3.44 banking offices per 10,000 residents by 2007, up slightly since 2006, and surpassing the national average of 2.74, which was down from 3.21 in 2006.
The competitiveness of the retail banking market around Chicago is one reason why $181.8 billion-asset HSBC USA Inc., whose main subsidiary is HSBC Bank USA, is sitting on the sidelines for now.
The unit of HSBC Holdings PLC has a commercial and private banking presence in downtown Chicago but no plans to enter the retail fray in a meaningful way.
"The Chicago market is fairly overbanked as there have been a lot of branch openings in the past two or three years," said Brendan McDonagh, chief executive of Mettawa-based HSBC North America Holdings Inc., which oversees both HSBC Finance and HSBC Bank.
"We'd wait awhile to see how it settles down."
For the record: PrivateBancorp Inc. said John Newman, who most recently was president of LaSalle Bank's commercial banking unit, has joined the fast-growing Chicago-based bank as managing director and an adviser to its commercial real estate group.
Taylor Capital Group Inc., Rosemont-based parent of Cole Taylor Bank, elected former LaSalle Chief Operating Officer M. Hill Hammock, now chief administrative officer of Chicago Public Schools, to its board of directors.
byerak@tribune.com
To see more of the Chicago Tribune, or to subscribe to the newspaper, go to http://www.chicagotribune.com. Copyright (c) 2008, Chicago Tribune Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
15260 Ventura Blvd., Ste. 2200
Sherman Oaks, CA 91403
© Copyright 2009 The Connors Group, Inc.
