Banking
Wintrust Plans New Bank
TSC Staff
12/08/05 - 04:52 PM EST
Wintrust Financial (WTFC Quote) filed with banking regulators to establish a new de novo bank in the southern suburbs of Chicago.
This bank will be named Old Plank Trail Community Bank, with locations in Frankfort, Mokena and New Lenox, Ill.
Paul R. Slade, a resident of Frankfort, will be CEO of Old Plank, which is expected to begin operations in the late first quarter or early second quarter of 2006.
"The opening of Old Plank Trail Community Bank helps fulfill Wintrust's plans to continue expansion into suburban Chicago metropolitan communities," said Wintrust chief Ed Wehmer. "Wintrust has a strong commitment to community banking and customer service, and we look forward to sharing that with the Old Plank Trail communities."
Slade joins Wintrust from Basis Development, a real estate firm he formed where he most recently concentrated on condominium conversions on Chicago's emerging south side. Slade also serves on the board of Hispanic Housing Development Corporation, where he serves as treasurer.
On Thursday, Wintrust fell 9 cents to $57.89.