(January 20 – 12:30 ET) – CIBC has signed a definitive agreement to purchase St. Anthony Bancorp, Inc. and its subsidiary, St. Anthony Bank, F.S.B., subject to the approval of St. Anthony’s stockholders.
St. Anthony Bank is a federally chartered savings bank located in Cicero, Illinois, a western suburb of Chicago. This purchase will give CIBC operational and regulatory flexibility to expand its electronic banking operations in the U.S. with Winn-Dixie and other potential partners.
It will build on CIBC’s successful financial services model, established with President’s Choice Financial services in Canada and Winn-Dixie in Florida.
The purchase must be approved in the U.S. by the Board of Governors of the Federal Reserve System and by Canada’s Office of the Superintendent of Financial Institutions.
-IE Staff