What Are Some Well-Known Banks in Chicago?


Quick Answer

Some well-known banks in Chicago, Illinois, include JPMorgan Chase & Co., BMO Harris Bank and LaSalle Bank, which was purchased by Bank of America. These three financial institutions are considered to be leaders in the city's commercial banking industry, notes Crain's Chicago Business.

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Full Answer

From the 1990s up to the late 2000s and prior to Bank of America's acquisition of LaSalle in 2007, JPMorgan Chase and LaSalle held around 67 percent of the local market, which catered to mid-sized companies that generated an income between $10 million and $500 million. However, some locally based banks became prominent in Chicago's retail banking sector after the severe economic downturn that occurred in 2008.

The financial crisis in 2008, which almost led to the collapse of the United States banking system, gave mid-sized banks in Chicago the opportunity to increase their market share, states Crain's Chicago Business. These banks include the Chicago-based banks PrivateBancorp Inc. and MB Financial Inc., as well as the Rosemont-based banks Cole Taylor Bank and WinTrust Financial Corp. Together with the Itasca-based First Midwest Bancorp Inc., these five mid-sized establishments control around 30 percent of the local market, as of 2015.

Other well-known banks in Chicago include First Merit Corp. of Akron, Fifth Third Bancorp, PNC Financial Services Group, Northern Trust Corp., Wells Fargo & Co. and U.S. Bancorp of Minneapolis. Aside from Northern Trust Corp., all these banks have their corporate headquarters located outside Chicago, Illinois.

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