United Central Bank Announces Assumption of Mutual Bank’s Assets and Liabilities

Harvey , IL: United Central Bank, with headquarters in Garland, Texas, announced it has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase most of the assets and assume all of the deposit liabilities of Mutual Bank of Harvey, IL. The Illinois Department of Banking and Finance declared Mutual Bank closed and appointed the FDIC as receiver. The FDIC then assigned the assets and deposit liabilities of Mutual Bank to United Central Bank under a purchase and assumption agreement with loss sharing.

"We are extremely delighted to welcome all of the customers of Mutual Bank to United Central Bank," says Keith Ward, President and Chief Executive Officer of United Central Bank. "As a result of our agreement with the FDIC to assume both the insured and uninsured deposits, no customer of Mutual Bank will lose any of their deposits.  In addition, we are dedicated to making the changes, as a result of the assumption, as easy as possible for the customers and employees of Mutual Bank.”

"United Central Bank’s market experience and focus on assisting communities across the United States will complement the business assumed from Mutual Bank,” added R. Luke Lively, Chief Administrative Officer and Executive Vice President.  “We see opportunities to add new services and support for the benefit of Mutual Bank customers.”

As of July 16, 2009, Mutual Bank reported approximate total assets of $1.6 billion, loans of $1.3 billion and deposits of $1.6 billion. Under the terms of the agreement, United Central Bank has the option to purchase, or to assume the leases on, all of Mutual Bank’s locations.  The agreement between the FDIC and United Central Bank includes only the assets and liabilities of Mutual Bank and does not include the assets, liabilities, or common stock of First Mutual Bancorp of Illinois, the holding company for Mutual Bank.  

"This type of partnering is a positive for both the customers and employees of Mutual Bank and our existing United Central family of customers, employees, shareholders and communities," stated James Yoo, Chairman of United Central Bank. “The locations of Mutual Bank provide a wonderful foundation for expanding our growth.  The acquisition fits perfectly into our strategy to continue our expansion, nationally, by adding new locations where we do not currently have a presence.  Our position as a well-capitalized, high performing financial institution is enhanced with the addition of Mutual Bank to United Central Bank."

Except for the new name, customers of Mutual Bank will not see any immediate changes in their banking services.  All banking hours and office locations for Mutual Bank will remain intact with all former Mutual Bank offices opening, as usual, for business beginning Saturday, August 1, 2009.   Account numbers will not change and customers will be able to use their current checks, ATM cards and debit cards.  Online banking for Mutual Bank customers will remain the same with no changes at present.  Deposits of the bank remain insured by the FDIC. 

About United Central Bank: United Central Bank, with headquarters in Garland, Texas, is a $1.2 billion asset bank.  Office locations for United Central Bank include: nine offices in Texas {Dallas Metro (4); Houston (3); Austin (1); Killeen (1)}; four offices in Los Angeles; two offices in Northern Virginia; one office in Maryland; and two offices in Georgia.  The bank has two new branches planned to open in the Dallas Metroplex before year-end.  United Central Bank is one of the top SBA producers in the United States and listed as a Preferred Lender by the Small Business Administration.  The bank’s parent holding company is Central Bancorp, Inc. United Central’s website is www.unitedcentralbank.com 




(972) 207-5702 {Mobile #}

Email:  luke.lively@ucbtx.com

SOURCE: United Central Bank

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Editor: Akhtar M. Faruqui
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