First American Bank (Wholesale) - Wholesale
An email distributed January 2, 2008, announced First American Bank of Elk Grove Village, Illinois has closed down their Wholesale Lending Department.
"Effective at 5:00 PM on Friday, January 4, 2008, First American Bank will discontinue our wholesale mortgage broker program due to unstable market conditions and the declining real estate values that our economy is facing."
Characterizing themselves as a 'very' conservative lender they operated with about 50 branches in Illinois, Indiana and Michigan. All three AE's will be moved over to Retail, and no layoffs are being reported. Privately held First American peaked around $25 million per month in volume according to our source.
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.