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Organizers of Great United Bank are planning to raise between $14 million and $25 million in startup capital for the Huntley, Ill.-based de novo, organizer and proposed executive Thomas Schnell told SNL Financial on April 7.
The bank applied with the FDIC for a state charter Nov. 26, 2007, and hopes to open sometime between June and November, Schnell said.
The de novo is a unit of Lake in the Hills, Ill.-based Great United Bancorp Inc.
Great United will open with its primary banking location in Huntley, as well as a branch in Chicago Heights, Ill. Both locations will allow exposure to significant local traffic, the bank said in its FDIC application. The company will be a commercial bank offering traditional products including checking, savings, home equity loans, home equity lines of credit, commercial loans and consumer loans, as well as providing referrals for mortgage loans. The bank...