CIB Marine Bancshares, Inc. Announces Sale of Its Trust Business.Business Editors PEWAUKEE, Wis.--(BUSINESS WIRE)--Sept. 7, 2000 CIB CIB abbr. Latin cibus (food) Marine Bancshares, Inc. announced today that it has entered into an agreement to sell the business of its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Marine Trust and Investment Company, to GreatBanc Trust Company. This agreement will also result in a strategic alliance with GreatBanc Trust, whereby CIB Marine will receive a commission on both existing and new trust accounts referred to and accepted by GreatBanc Trust. Additionally, the agreement allows GreatBanc Trust to use the Marine Trust and Investment Company name in the State of Illinois. The transaction is expected to be completed by September 30, 2000, subject to the receipt of regulatory approval, and is not expected to have a material effect on the results of operations or financial condition of CIB Marine. GreatBanc Trust is an Illinois trust company with over $800 million in trust assets under administration and is staffed by a group of professionals with an average of 15 years experience in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry. GreatBanc Trust has three trust offices throughout the Chicago area in Oakbrook, Aurora and Olympia Fields. Although CIB Marine will discontinue offering trust services through its current offices of Marine Trust, GreatBanc Trust will operate a branch office at CIB Marine's Champaign, Illinois “Champaign” redirects here. For topics with similar names, see Champagne. Champaign is a city in Champaign County, Illinois, in the United States. As reported in the 2000 U.S. Census, the city was home to 67,518 people. banking facility. CIB Marine is a regional Midwestern multi-bank holding company which currently owns and operates five separately chartered banking organizations: Central Illinois Central Illinois is a region of the U.S. state of Illinois that consists of the entire central section of the state, divided in thirds from north to south. It is an area of mostly flat prairie. Bank with 18 banking facilities located throughout central Illinois; CIB Bank - Chicago with 13 banking facilities located in the Chicago metropolitan area “Chicagoland” redirects here. For for the racing venue, see Chicagoland Speedway. The Chicago metropolitan area is the metropolitan area associated with the city of Chicago in the United States. ; Marine Bank - Milwaukee with six banking facilities located in the Milwaukee metropolitan area; CIB Bank - Indiana with five banking facilities located in the Indianapolis metropolitan area; and Marine Bank - Omaha with one banking facility located in Omaha, Nebraska. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion