State chartered banks in Illinois are regulated by the State of Illinois Division of Banking. This division supervises, regulates and examines around 492 Illinois commercial banks with a combined asset of $158 billion.
Finding an Illinois bank is one of the first steps that need to be taken when establishing your business. These Illinois banks do not only provide the traditional services of checking, savings and lending, but also give the small businessperson valuable insight on money management and business resources. Find an IL bank for your business by following these steps:
1. Compare Illinois banks to find the one that fits your business needs.
2. Check branch availability to insure that the bank you choose is convenient to your business.
3. Decide whether you need the services of a small business or commercial bank in Illinois. Many Illinois banking institutions cater to both.
Action Steps
The best contacts and resources to help you get it done
Perform a comparison of different Illinois banking institutions
Faced with a long listing of Illinois commercial banks can be quite overwhelming. A comparison can be done much easier by using a search engine to list what aspects of Illinois banks that you want for your business.
I recommend: Search the
database provided by the State of Illinois Division of Banking. From this site you can locate a bank in Illinois that not only holds a current license, but also has a convenient location.
Ensure availability and convenience for your banking in Illinois
When business banking in Illinois make sure that the location is convenient to your business. To have branch nearby and easily accessible will save time, travel and effort.
I recommend: Many banks that are not exclusive banks in Illinois offer a greater availability.
WaMu offers branch banking in addition to online services for ultimate convenience with payroll services and free business checking. Bank of America has created a valuable forum for business owners in their
small business online community.
Find Illinois commercial banking solutions for larger businesses
Illinois commercial banking focuses more on larger businesses and larger accounts. Many of the same banks that offer small business banking in Illinois also offer Illinois commercial banking.
I recommend: Consider working with
Regions Bank for Illinois for commercial banking. They offer banking solutions, financial services and advisory services.
Suntrust is another good option. They have a wide array of services geared towards corporate and institutional accounts. From investment solutions and capital investments to treasury management solutions, Suntrust helps to get your larger business the advice and solutions it needs to ensure success.
Tips & Tactics
Helpful advice for making the most of this Guide
- Take advantage of the business resource centers that are offered by many Illinois banking institutions. Through the use of these resources your business may thrive, which in the end will benefit not only your business, but the Illinois bank that you choose.
The official source of Banks in Illinois is the Banks in Illinois page at Business.com
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