Jan. 05--The Federal Savings Bank of Chicago said it plans to buy Baytree National Bank Trust Co. of Lake Forest.
Terms weren't disclosed.
The Federal Savings Bank, which is privately held and has $209 million in assets, said the deal will help it expand into the North Shore.
Baytree has about $90 million in assets. Established in 2000, the bank lost $2.3 million through the first nine months of 2014.
Baytree couldn't be reached for immediate comment.
With the acquisition, Steve Calk, chairman and CEO of The Federal Savings Bank, said the institution plans to hire about 50 additional employees as it continues to expand in the North Shore. The Federal Savings Bank said North Shore customers will see a wider array of services, including mobile banking.
The Federal Savings Bank, founded in 2011, said it has grown from nine employees and one office to about 600 workers in 18 offices.
Steve's brother, John Calk, vice chairman and co-owner of The Federal Savings Bank, is a longtime Lake Forest resident. He is also founder and president of East Lake Academy, a Catholic school in Lake Forest.
The deal is subject to regulatory approval and is expected to close before the end of the first quarter.
byerak@tribpub.com
Twitter: @beckyyerak
