Question 1

What is First American Bank of Illinois?

Accepted Answer

First American Bank of Illinois is a privately held commercial bank headquartered in Elk Grove Village, Illinois. As the largest privately held bank in Illinois, it serves individuals and businesses across Illinois, Wisconsin, and Florida. With over $8 billion in assets and 59 offices, the bank combines community banking values with sophisticated financial expertise. First American Bank of Illinois operates as an Illinois-chartered, FDIC-insured institution focused on delivering personalized banking solutions to retail customers, small and medium-sized businesses, and commercial clients.

The bank is privately owned, with approximately 80% of its assets held by officers, directors, and their family members.

Question 2

When was First American Bank of Illinois founded?

Accepted Answer

First American Bank of Illinois was chartered in 1974 as "First American Bancorp, Inc." to serve the Chicago metropolitan area. The institution was originally established to provide community-focused banking services with an emphasis on personal relationships and local decision-making.

In 1990, the company underwent a restructuring and was reorganized under its current name, First American Bank. Over the subsequent decades, the bank expanded its footprint beyond Illinois into Wisconsin and Florida, growing from a regional community bank into a multi-state financial institution while maintaining its privately held status and community banking philosophy.

Question 3

Where is First American Bank of Illinois headquartered?

Accepted Answer

First American Bank of Illinois is headquartered in Elk Grove Village, Illinois. The main office is located at 721 Meacham Road in Elk Grove Village, which is situated in Cook County within the Chicago-Naperville-Elgin metropolitan statistical area.

Question 4

Where does First American Bank of Illinois operate?

Accepted Answer

First American Bank of Illinois operates primarily across three states: Illinois, Wisconsin, and Florida. The bank maintains 59 domestic offices concentrated in the Chicago metropolitan area, with additional locations throughout the greater Illinois region.

In Wisconsin, the bank has expanded to serve customers in the southeastern part of the state, including the Kenosha area. The Florida presence extends the bank's geographic reach to serve customers seeking warm-weather banking alternatives. While the bank's physical presence is limited to these three states, it offers digital banking services that can accommodate customers in other locations, though certain products may be subject to state-specific regulations.

Question 5

What services does First American Bank of Illinois offer?

Accepted Answer

First American Bank of Illinois provides a comprehensive suite of banking services across three main divisions:

Personal Banking: The bank offers various checking and savings accounts, certificates of deposit, personal loans, home mortgages, home equity loans and lines of credit, credit cards, and retirement planning options. The bank also provides Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and other tax-advantaged accounts.

Business Banking: Commercial services include business checking and savings accounts, commercial real estate financing, equipment loans, lines of credit, SBA lending programs, cash management services, merchant services, and payroll solutions. As an SBA Preferred Lender, the bank can expedite loan approvals internally. First American Bank of Illinois earned recognition as a 2024 Export Lender of the Year by the SBA and participates in the SBA Working Capital Pilot Program, making it one of only 17 institutions nationwide authorized to process these specialized loans in-house.

Wealth Management: The bank's wealth division offers investment advisory services, trust administration, estate planning, retirement plan design and administration (including 401(k), defined benefit plans, and ESOPs), employee benefits consulting, and fiduciary services.

Digital Services: First American Bank of Illinois provides online banking and mobile banking platforms with features including mobile check deposit, account management, bill pay, person-to-person payments, and account alerts. The bank is part of the Allpoint and Presto! ATM networks, providing customers access to over 55,000 surcharge-free ATMs nationwide.

International Banking: The bank offers international banking expertise, including foreign currency exchange services, letters of credit, and support for businesses engaged in import/export activities.

Specialized Services: Select branch locations offer DMV services such as Illinois license plate renewal stickers, coin counting machines, night depositories, and foreign currency exchange.

Question 6

What makes First American Bank of Illinois unique?

Accepted Answer

First American Bank of Illinois distinguishes itself through several key characteristics that set it apart in the competitive banking landscape:

Largest Privately Held Bank in Illinois: The bank's private ownership structure, with 80% owned by officers, directors, and family members, allows for long-term strategic planning without the quarterly earnings pressures faced by publicly traded institutions. This creates stability and enables the bank to focus on building lasting customer relationships.

Local Decision-Making Authority: Unlike many regional and national banks that require centralized approval for loans and services, First American Bank empowers local branch professionals to make lending decisions. This structure enables faster turnaround times and more personalized underwriting that considers local market conditions and individual business circumstances.

Community Bank with International Expertise: The bank presents itself as "a study in contrasts"—maintaining the personal touch and community focus of a small bank while offering sophisticated international banking services, commercial lending expertise, and wealth management capabilities typically associated with much larger institutions. This combination appeals to growing businesses that need specialized services but prefer relationship-driven banking.

Experienced Management Team: The bank's management team averages 25 years of banking experience, providing institutional knowledge and stability. The bank also invests in developing the next generation of bankers through unique leadership training programs.

SBA Lending Excellence: As an SBA Preferred Lender and 2024 Export Lender of the Year, First American Bank of Illinois has established itself as a leader in small business lending. The bank's participation in the exclusive SBA Working Capital Pilot Program demonstrates its commitment to providing accessible financing solutions for small businesses with specialized needs, including those with foreign receivables or construction-related borrowing bases.

Multi-Generational Focus: With a history spanning over 50 years, the bank has cultivated multi-generational customer relationships, with some families banking with the institution for decades. This longevity reflects the bank's commitment to customer service and community engagement.

Question 7

What type of financial institution is First American Bank of Illinois?

Accepted Answer

First American Bank of Illinois is a State Chartered Commercial Bank. It operates under an Illinois state banking charter rather than a federal charter, which classifies it as a state non-member bank (meaning it is not a member of the Federal Reserve System but is insured by the FDIC).

As a commercial bank, First American Bank of Illinois is authorized to accept deposits, make loans, and provide a full range of banking services to both individuals and businesses. The bank's commercial orientation is evident in its strong focus on business lending, SBA loan programs, commercial real estate financing, and cash management services for corporate clients.

The bank's state charter allows it flexibility in its operations while maintaining FDIC insurance protection for depositors. Its classification as a commercial bank—rather than a savings bank, credit union, or thrift institution—reflects its comprehensive service model that encompasses consumer banking, commercial lending, wealth management, and international banking services.

Despite its size and sophistication, First American Bank of Illinois maintains the operational characteristics of a community bank, emphasizing personal relationships, local decision-making, and community engagement while delivering the product breadth and financial strength typically associated with much larger institutions.

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