Rosemont-based Wintrust Financial has dramatically grown market share in Evanston since arriving in town less than two years ago, while market leaders Chase and Byline have lost ground.
Figures from the Federal Deposit Insurance Corporation, show Wintrust’s Evanston Community Bank & Trust had 10% of the total bank deposits in Evanston by the middle of last year, up from zero two years earlier, before it opened two branches here.
Wintrust moved in just as the city’s last locally owned bank, First Bank & Trust, was being sold to Chicasgo-based Byline Bank. Under the new owners, market share for the former FB&T branches has declined from 25% to 21%.
Meanwhile the largest player in the Evanston banking market — Chase — has also lost market share, dropping from 44% to 40% over the two-year period.
The BMO Harris branch at 1628 Maple Ave.
Evanston has also seen a wave of bank branch closings — with Pittsburgh-based PNC Bank closing its only branch here last September, Chase closing branches on Chicago Avenue and on Grove Street and BMO Harris reportedly about to close its branch at 1638 Maple Ave.
Total deposits at Evanston bank branches have grown more than 11% over the two year period covered by the FDIC data.
I’m surprised Byline Bank only saw an 8% decline in business. When they were First Bank and Trust of Evanston, the people there were marvelous, with impeccable service. We had both personal and corporate accounts with them for 20 years.
But when Byline took over, it was a sea change downward. The service was so bad on just about everything, with the local bankers essentially holding up their hands explaining they have almost no authority to solve a problem any longer, that we ran as fast as we could.
Forget the Byline hype Evanston … steer way clear of Byline Bank.
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