Diamond Bank to acquire DGN
Founded in 1955, the privately held Downers Grove bank has assets of $266.9 million, according to the Tribune.
With branches in Woodridge and Westmont as well as locally, Diamond reportedly sees DGN as an entree into DuPage County. It also has branches in Elmhurst, Schaumburg and Skokie.
The Tribune reports that DGN has faced struggles similar to others in the industry over the past year:
Downers Grove lost $349,000 in the first half, compared with a profit of $900,000 in the year-ago period. Its percentage of bad loans has risen to 4.84 percent from 2.34 percent, but as of June 30 it was well capitalized by several measures.
Chairman and CEO James Russ Sr., a 36-year veteran of DGN, was quoted as saying the bank had sought a buyer in part to raise capital. It will continue to be known as Downers Grove National Bank.
Diamond Bank is described on its Web site as “an established and innovative institution dedicated to providing a superior level of highly individualized service.”
“With a focus on individuals and organizations with an entrepreneurial spirit, our clients and their businesses come in all shapes and sizes and have no age boundaries,” according to the Web site.
Diamond offers “an extensive selection of financial services, including deposit and lending solutions as well as a comprehensive mortgage division.”
It also offers “37,000 surcharge-free ATMs nationwide.”