Business as Usual for Former Broadway Bank Customers - NBC Chicago

Business as Usual for Former Broadway Bank Customers



    Debit cards, checks and direct deposit all function normally. (Published Saturday, April 24, 2010)

    Longtime customers at the Broadway Bank branch at 5960 N. Broadway said Saturday the only thing that changed overnight, after federal regulators seized it, was the name.

      “Everything is fine. It just looks like they changed their name,” 11-year Broadway Bank customer Draga Milasavljevic said about the transition to MB Financial. “I’m happy. I’m going to stay here. Everything’s normal. All the people are the same.”
    Federal regulators seized the bank at the end of business on Friday and changed the name to MB Financial. They spent the night merging the bank’s accounts with those of MB Financial, and the institution reopened Saturday under the new name.
    The new owners released a statement for their newly acquired customers from Broadway and another shuttered bank, New Century. Seven Illinois banks were seized Friday. .
    “MB Financial looks forward to serving both Broadway Bank and New Century customers,” the statement read. “We want to assure them that their deposits are safe and readily available. They can continue banking as normal.”
    FDIC ombudsman Rickie McCullough, who helped with the overnight transition, echoed that statement.
    “Nothing has changed,” he said. “You can still use your debit cards, you can still write checks.  If you were a direct deposit customer, direct deposits are still being processed.  We want depositors to know their money is still safe and the FDIC still insures their deposit.”
    Many customers said something else is just as important as the money -- all the employees are the same. Once MB took over the institution, all of Broadway's employees moved to the new company.
    “All the people are still there,” a customer named Joe said. “If the employees weren’t the same I may have left, because they had the personal touch.”