PALATINE, Ill., October 2, 2024 (Ecnetnews.com)
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AmeriNational Community Services, LLC (“AmeriNat”) has been approved to operate as a bank holding company by the Federal Reserve Bank of Chicago. With additional approvals of the Federal Deposit Insurance Corporation and the Illinois Department of Financial and Professional Regulation, AmeriNat has obtained 100% of the common equity of existing bank holding company, Northwest Bancorporation of Illinois, Inc. (“Northwest”), and in turn its wholly-owned subsidiary First Bank & Trust Company of Illinois (“First Bank”).
First Bank, with approximately $215 million in assets, offers a comprehensive suite of loan and deposit products and has earned a national reputation for efficiently managing complex C&I and CRE credits. First Bank operates from its headquarters in Palatine, Illinois, with a team of 30 dedicated employees. AmeriNat intends to retain First Bank’s current staff and maintain its existing operations. According to Emad Murrar, CEO of First Bank, “Our team is very enthusiastic about AmeriNat and being part of a larger organization that will allow us to expand current services and platforms and continue offering a superior banking experience to our client base.”
AmeriNat, headquartered in Albert Lea, MN, is a 49-year-old company that specializes in servicing loans for state and municipal clients, nonprofits, financial institutions, and private investors. It has a rich history of working with loans under affordable housing and economic development programs, currently servicing over $11 billion in loans and managing $150 million in related deposits for approximately 300 clients nationwide.
Adrienne Thorson, CEO of AmeriNat and incoming Chairwoman of the Bank and Northwest, remarked: “AmeriNat has operated in a complex and highly regulated environment for nearly 50 years. We are excited to add our experience to the already established First Bank team and to continue what is working well for First Bank.”
About AmeriNat
Founded in 1975, AmeriNat provides loan servicing, asset management, underwriting and other services to government agencies, nonprofits, financial institutions and private investors across the United States & Puerto Rico. www.amerinat.com
About First Bank & Trust Company of Illinois
First Bank & Trust Company is a Palatine, Illinois-based bank with approximately $215 million in assets. First Bank offers a variety of loan and deposit products and stands as a prominent commercial lending specialist with a national presence. www.firstbankillinois.com
Source: AmeriNational Community Services, LLC
