Over the past forty years, Financial Investments Corporation ("FIC") has grown from the first single-bank holding company in Illinois to a multi-faceted private equity firm and family office.
Harrison Steans formed FIC in 1967 for the purpose of acquiring the Hyde Park Bank & Trust Company. This purchase was followed, using other single-bank holding companies, by the acquisition of First National Bank of Highland Park (1968), Marina Bank (1969), Bank of Elk Grove (1970), Woodfield Bank (de novo - 1971), Citizens Bank & Trust Company (1985) and First National Bank of Skokie (1985). In 1985, the banks were reorganized under a multi-bank holding company called Citizens Financial Corp., ultimately renamed USAmeribancs in 1986 and sold to NBD Bancorp, Inc. in 1987.
In addition to being Chairman of the portfolio of community banks, Harrison Steans served as Chairman of LaSalle National Bank from 1973 until 1977. LaSalle was owned in part by FIC and the other bank holding companies in the Steans group. Mr. Steans negotiated the sale of LaSalle to ABN Bank (Now ABN AMRO) in 1977. LaSalle was subsequently sold to Bank of America in 2007.
In 1994, Harrison and his daughter Jennifer Steans revived FIC to make private equity investments in a variety of industries for an investor group of family members and past business associates. FIC makes investments in real estate, private equity funds and direct private equity investments and currently manages private equity investment commitments of more than $600 million.
In 2007, FIC combined operations with Concentric Equity Partners, a private equity firm, in order to increase FIC's focus on making direct private equity investments. Concentric Equity Partners is a relationship-oriented, opportunistic investor looking to back entrepreneurial management teams that can generate strong financial returns. |
