Crains Chicago Business reported that longtime commercial banking chief Thomas D. Panos has resigned as president of MB Financial. The Chicago-based bank group has experienced an executive shuffle. CEO Mitchell Feigel, citing it a response: “to worse-than-expected loan quality at a bank that has been emerging as a leading financial institution in Chicago since LaSalle Bank was acquired nearly three years ago” will take over as president. Panos will remain on board until March serving as an advisor to: “ease the transition.” Other executives were moved to new positions as well.
Crains noted: “MB Financial, a middle-market business lender that’s become a bigger retail banking force recently, has grown rapidly in the past two years — hitting $10.6 billion in assets as of June 30 — by being the most aggressive buyer of failed banks in the Chicago market. But its loan performance has been worse than its mid-sized peers in the market, a reality that has begun to sink in with investors and has hit the stock price hard in the past four months.”
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