ΕΡΓΑ ΚΑΙ ΗΜΕΡΕΣ ΤΗΣ ΟΙΚΟΓΕΝΕΙΑΣ ΧΑΛΙΚΙΑΣ ΤΗΣ INTERCONTINENTAL INTERNATIONAL. In banking bloodbath, an unlikely predator…
INTERCONTINENTAL INTERNATIONAL Α.Ε.Ε.Α.Π
Εισηγμένη στο Χ.Α
AJOLICO Trading Limited, βασικός μέτοχος (78,78%) της INTERCONTINENTAL INTERNATIONAL Α.Ε.Ε.Α.Π.
Παναγιώτης – Αριστείδης Χαλικιάς, Πρόεδρος ΔΣ INTERCONTINENTAL INTERNATIONAL Α.Ε.Ε.Α.Π. , μέτοχος 36,51% στην AJOLICO Trading Limited, Πρόεδρος ΔΣ REPUBLIC BANK of CHICAGO – USA.
Παναγιώτα Χαλικιά, Αντιπρόεδρος ΔΣ INTERCONTINENTAL Α.Ε.Ε.Α.Π., μέτοχος 31,75% στην AJOLICO Trading Limited.
Ελένη Χαλικιά, Πρόεδρος του ΔΣ της θυγατρικής Bierco Α.Ε. και μέλος του ΔΣ της INTERCONTINENTAL INTERNATIONAL Α.Ε.Ε.Α.Π., μέτοχος 31,74% στην AJOLICO Trading Limited.
Στις 8 Αυγούστου 2009 ο Steve Daniels υπέγραφε το ρεπορτάζ (chicagobusiness.com) με τίτλο In banking bloodbath, an unlikely predator
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In banking bloodbath, an unlikely predator
A surprise aggressor has emerged in the sweepstakes to buy up failed Chicago banks.
Republic Bank of Chicago, a small Oak Brook-based lender, has bought two of the five banks that have failed in the area this year, and it tried to buy a third but lost out to a much larger bidder.
Snapping up distressed competitors is, it turns out, a familiar strategy for Republic. The bank was purchased in the 1980s by then-Chairman Michael Halikias, a south suburban real estate investor who built Republic by dealing for failed thrifts in the savings-and-loan crisis. Mr. Halikias, 75, no longer runs Republic; he was banned from banking after pleading guilty to fraud in a scheme to swindle a Lansing-based thrift and investors out of more than $10 million.
But Republic is controlled by Mr. Halikias’ adult children, including Chairman Aristotle Halikias, 48, who appears to be reviving his father’s recessionary strategy after two decades of sitting on the sidelines of bank consolidation.
Republic, which ended last year with $906 million in assets and 10 branches, has bought two banks that were seized by the Federal Deposit Insurance Corp.: National Bank of Commerce of west suburban Berkeley and Bank of Lincolnwood. In those two deals, Republic added a combined $529 million in assets, $604 million in deposits and four locations, according to the FDIC.
Republic bid on Heritage Community Bank in south suburban Glenwood but was beat out by much bigger Rosemont-based bank holding company MB Financial Inc., according to FDIC documents. MB, with $8.4 billion in assets, lost to Republic in the National Bank of Commerce and Lincolnwood auctions.
“Republic Bank will continue to pursue acquisition opportunities, both independently and through FDIC bid, to expand its presence in the Chicagoland market,” Chief Financial Officer Thomas Longino writes in an e-mail.
Michael and Aristotle Halikias were traveling and unavailable for comment. Republic Bank CEO William Sperling didn’t return calls.
Republic likely will get many more opportunities to bid in FDIC-assisted deals; experts forecast that up to 30 Chicago-area banks will fail before the credit crisis runs its course.
“Normally, you’d expect to see larger banks (buy failed lenders),” says John Harris, managing director in the financial institutions group in Chicago for investment banking firm Stifel Nicolaus & Co. “The bank apparently has the financial support of the ownership that goes above and beyond what the bank’s balance sheet would support.”
Republic’s power play could hit a snag if profits are drained by its heavy exposure to real estate loans. As of June 30, nearly half of its $1.03-billion portfolio was construction or commercial real estate loans, the worst-performing category for the industry.
So far, the bank has remained profitable, but as of June 30, its seriously delinquent loans, foreclosed property and restructured loans amounted to $101 million, 62% of the bank’s combined equity and reserves for loan writeoffs. While many other local banks are in worse shape, that ratio indicates a lender in need of raising additional capital, analysts say.
Still, Republic isn’t acting worried. Mr. Longino says the bank turned down the U.S. Treasury Department’s offer for bailout funds. Many other local banks, such as Chicago-based Metropolitan Bank Group Inc., have accepted equity injections from the government’s Troubled Asset Relief Program specifically to support buying failed banks.
Rejecting TARP funds seems to indicate that the Halikias family is willing to pour capital into the bank if necessary.
A Federal Reserve filing by Republic’s holding company shows the family’s empire includes an entertainment complex in Tinley Park with a golf course and arcade.
The First Midwest Bank Amphitheatre, part of the Tinley Park complex, was developed by Michael Halikias but later sold to concert promoter Live Nation.
The family also owns Orland Park-based real estate development firm Inter-Continental Real Estate & Development Corp. and Elk Grove Village distribution firm Ziebell Water Service Products Inc.