The Bank Slate


Investor group looks to buy Illinois bank

An investor group is looking to form a holding company to buy First National Bank of Brookfield in Illinois.

Brookfield HoldCo includes five individuals, including Phil Richard, the $316 million-asset bank’s president. Michael Ryan, the bank’s chairman, and two other directors are a part of the group, which applied with the Fed in mid-December for BHC status.

Edward Fitzpatrick, a retired lawyer, is Brookfield HoldCo’s chairman.

“At the bank level, there will be no change; nothing will be different,” Richard told the Riverside-Brookfield Landmark. “A holding company allows for greater flexibility.”

Richard said it could take 90 to 120 days for the Fed to process the application. While few changes are expected, he said a rebranding is a possibility.

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