The alternative to the Pritzkers' partnership with New York real estate developer Alvin Dworman providing $200 million in new capital and another $155 million to cover potential losses in the bank's investments would have meant "several hundred million dollars in tax dollars" spent by the FDIC to rescue the financial institution, a spokesman for the Pritzkers says. The Pritzkers will now have total ownership of the bank.
The bank has grown rapidly in recent years by specializing in subprime home equity loans but reportedly ran into trouble recently with auto loans and high marketing costs. Although based in this western suburb of Chicago with several branch offices in the city and suburbs, the bank advertises nationally as well as locally.
"With the new leadership by the Pritzkers, Superior Bank will continue to engage in its normal business practices," the spokesman says.
The Pritzkers' real estate holdings include a controlling interest in the Hyatt Corp. They are involved in a joint venture with Prime Group Realty Trust to build an office tower on a vacant West Loop parcel at Monroe Street and Wacker Drive, with the hotel company slated to take a substantial portion of the building.
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