Harris Bank
Established by Norman Wait Harris, Harris Bank is a mid-western bank with headquarters situated in Chicago, Illinois. The company has its roots from N.W. Harris and Company which was founded in 1882. The establishment of the bank was made in 1907 which was then known as Harris Trust and Savings Bank.
Just like any other banks corporate America, Harris Bank has increased its business size as well as its market share through acquisitions and amalgamations. The merger and acquisition events have started from the year 1960 to 2007. The First National Bank of Barrington was the first firm to acquire in 1985. While in 2007, First National Bank & Trust of Kokomo, Indiana has been recently taken over by the bank. Harris Trust and Savings Bank merged with Chicago National Bank in 1960.
Aside from mergers and acquisitions which provided the opportunity of the financial to increase its asset size, Harris Bank has also expanded to other territories outside Chicago. It first expanded its operations in Scottsdale, Arizona in 1976. It was followed by opening an office in West Palm Beach, Florida in 1979. Its operations on those two states have expanded by opening offices in Sun City, Tucson and Pinnacle Peak in Arizona. It also opened Indiana braches by acquiring Mercantile Bancorp, Inc.
Harris Bank has also opened several branches in Chicago. Recently, the number of braches in Chicago and in Indiana now totals to 232.
Harris Bank is an affiliate of a bank holding company Harris Bancorp, Inc. Its US Holding Company is Harris Financial Corporation. The bank was owned by BMO Financial Group, a Canadian-based financial company in Toronto. The current charter of Harris Bank was established in 2005 renaming it as Harris N.A.
Harris Bank branches can offer diversified services to its served markets. These can comprise of: personal financial services; small business banking; middle market banking; investment and corporate banking; and equipment leasing.
Online banking at Harris Bank can also be possible. This banking means can bring clients to more convenient banking transactions with Harris. Harris Online Banking, Harris Bill Payment and Presentment and Harris Total Look are the online solutions of Harris. The bank can also provide financial products such as credit cards, debit cards and ATM cards. Harris Bank currently has 586 ATM’s in different areas that it serves.
Moreover, Harris Bank wealth management is another financial service that can be provided by the bank. The bank can also assist clients in the application, administration and processing of mortgages and different types of loans and credit services.
Harris Bank delivers its banking and financial services to its locations in Illinois and Indiana. It also has affiliations in New York, California, Georgia, New Jersey, Virginia, Texas, Washington, Arizona and Florida.
Moreover, Harris Bank has divisions and affiliated businesses. They consist of Harris Private Bank; Harris myCFO, Inc. Harris Investor Management, Inc.; Harris Investment Management, Inc; and BMO Capital Markets, Corp. Aside from its affiliated businesses, Harris is also active in community activities.
Harris has taken a part in the development and strengthening of community through financial support. Harris Bank Foundation is a separate entity of Harris Bank and is established to involve Harris into the community. It supports education programs and community development. It awards grants to legitimate non-profit entities.
Harris Bank is among the largest financial institutions in America owned by foreign holding companies. It ranks second in the banking industry in Chicago offering full-service branch banking. Currently, it has over six thousand employees and its asset is valued at over 40 billion dollars. It is affiliated with Federal Reserve system and has been regulated by Office of the Comptroller Currency and Federal Reserves Bank of Chicago.