American Chartered Bank

American Chartered Bank was recently purchased and merged into MB Financial bank. I have read that MB screwed the CEO, and the CEO screwed his bankers, who were equity shareholders at American Chartered Bank. I would love to hear more on this topic.

Official response from submitted

Based on public records, ACB was hurt in the 2008 global crisis and turned to several private equity groups for the capital to survive and recoup. To satisfy those investors, the sale to MB Financial made sense. Private profit of small groups once again determined an economic event with social consequences. Chicago had one of the nations most competitive urban banking industries: lost of competition among banks. MB's several acquisitions (and others' as well) are fast turning Chicago into a highly concentrated banking industry with all the consequences of consolidated economic but also political power in ever fewer hands.

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  • Richard Wolff
    responded with submitted 2016-12-04 16:12:11 -0500
  • Andrew Clarke
    published this page in Ask Prof. Wolff 2016-12-03 16:00:27 -0500