Cassa di Risparmio di Loreto

Cassa di Risparmio di Loreto S.p.A., commonly known as Carilo, was a regional Italian savings bank headquartered in Loreto, in the Province of Ancona, Marche. Its institutional origins dated to 1861, when the Monte di Risparmio della Città di Loreto was established in the newly unified Kingdom of Italy. The institution adopted the name Cassa di Risparmio di Loreto the following year and developed as a locally rooted deposit-taking and lending institution serving households, businesses, and communities in the surrounding area. The bank expanded through at least one significant historical combination. In 1927 it absorbed the Cassa di Prestiti e Risparmio di Castelfidardo, strengthening its presence in the wider Ancona area. Later, Italy's banking reforms required the separation of banking operations from the charitable and institutional functions traditionally associated with savings banks. Under the Amato Law, Carilo's banking activities were transferred into a joint-stock company, Cassa di Risparmio di Loreto S.p.A. The original savings-bank body was reorganized as the Ente Cassa di Risparmio di Loreto, later known as the Fondazione Cassa di Risparmio di Loreto. The foundation initially retained a substantial majority interest in the operating bank. During the 1990s, Carilo was one of seven savings banks operating in Marche. Its 1996 share of deposits in the Province of Ancona was reported at 4.8 percent. Although smaller than the region's principal banking groups, it formed part of a broader consolidation of local savings banks. In 1997, Banca delle Marche became the parent company of Carilo, acquiring 78.81 percent of the banking company, while the Carilo foundation retained the remaining interest. The transaction helped make Banca delle Marche one of the largest banking groups in Marche and gave it control of four of the region's seven savings banks at that time. Carilo's later history was closely tied to the financial deterioration and restructuring of Banca delle Marche. In 2013 the parent group entered extraordinary administration by the Italian state. Carilo was placed under extraordinary administration on 17 April 2014 through a decree of the Ministry of Economy and Finance, with the Bank of Italy acting as the effective administrator. At the end of 2013, the bank reported a CET1 capital ratio of 5.1287 percent and shareholders' equity of approximately €32.6 million, reflecting the pressure affecting the wider group. Following the resolution and nationalization of Banca delle Marche in November 2015 through Italy's National Resolution Fund, Carilo received a capital strengthening of approximately €32.5 million. Lower risk-weighted assets also supported an improvement in its CET1 ratio, which reached 9.1127 percent at the end of 2015. The recapitalization and restructuring reduced the foundation's shareholding to 5.35 percent. The foundation's diversified investments limited the effect of this dilution on its own reported equity. In January 2017, UBI Banca agreed to acquire Nuova Banca delle Marche and other rescued banks for a nominal consideration, subject to further balance-sheet cleanup and recapitalization before completion. The transaction raised competition concerns in the Province of Ancona because UBI already had a local presence through Banca Popolare di Ancona. The acquisition closed on 10 May 2017. On the same day, a plan was announced to absorb Banca Marche and Carilo into UBI Banca. A further capital increase of approximately €19 million was announced on 28 March 2017. Carilo's legal and operational independence ended when the merger was completed on 23 October 2017. Minority shareholders were offered 0.635 UBI Banca shares for each Carilo share, based on a stated Carilo valuation of €1.4 per share. The brand therefore survives primarily as a historical component of Marche's regional banking system rather than as an active standalone bank.

Cassa di Risparmio di Loreto originated as the Monte di Risparmio della Città di Loreto, founded in 1861 in Loreto shortly after Italian unification. It was renamed Cassa di Risparmio di Loreto in 1862. The institution represented the traditional Italian savings-bank model, combining deposit-taking and local lending with a separate institutional and charitable body. In 1927 the bank absorbed the Cassa di Prestiti e Risparmio di Castelfidardo. The next major structural change came with the Amato banking reform. The bank's operating activities were transferred to a joint-stock company, Cassa di Risparmio di Loreto S.p.A., while the original institution became the Ente Cassa di Risparmio di Loreto and subsequently the Fondazione Cassa di Risparmio di Loreto. The foundation initially owned 71.43 percent of the operating company. Carilo remained one of seven savings banks in Marche during the 1990s. In 1996 it held 4.8 percent of deposits in the Province of Ancona. In 1997 Banca delle Marche acquired 78.81 percent of Carilo, with the Carilo foundation holding the balance. This transaction was part of a regional consolidation that made Banca delle Marche a major banking group in Marche. The bank became exposed to the problems of Banca delle Marche, which entered extraordinary administration in 2013. Carilo itself entered extraordinary administration on 17 April 2014. At 31 December 2013, its CET1 ratio was 5.1287 percent and its shareholders' equity was approximately €32.6 million. After the resolution of Banca delle Marche by Italy's National Resolution Fund in November 2015, Carilo was recapitalized by approximately €32.5 million. Its CET1 ratio rose to 9.1127 percent at the end of 2015, while the foundation's stake was diluted to 5.35 percent. UBI Banca agreed in January 2017 to acquire the rescued Banca Marche group and related banks. The deal closed on 10 May 2017, and a plan was announced to absorb Carilo and Banca Marche into UBI. After a further capital increase announced in March, the Carilo merger was completed on 23 October 2017. The former regional savings-bank brand consequently became part of the historical and corporate legacy of UBI Banca rather than continuing as an independent institution.

1. 2017UBI Banca acquisition closes

   UBI Banca completed its acquisition of the rescued Banca Marche group on 10 May.

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2. 2017Merger into UBI Banca

   Carilo was absorbed into UBI Banca on 23 October, ending its existence as an independent bank.

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3. 2015Recapitalization after resolution of Banca delle Marche

   Carilo received approximately €32.5 million in recapitalization and reported a CET1 ratio of 9.1127 percent at year-end.

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4. 2014Extraordinary administration

   Carilo entered extraordinary administration on 17 April amid the crisis affecting Banca delle Marche.

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5. 1997Banca delle Marche becomes controlling shareholder

   Banca delle Marche acquired 78.81 percent of the operating bank, while the Carilo foundation retained a minority holding.

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6. 1927Absorption of Castelfidardo savings institution

   Cassa di Risparmio di Loreto absorbed the Cassa di Prestiti e Risparmio di Castelfidardo.

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7. 1862Renamed Cassa di Risparmio di Loreto

   The institution adopted the name Cassa di Risparmio di Loreto.

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8. 1861Foundation as Monte di Risparmio della Città di Loreto

   A savings institution was established in Loreto under the name Monte di Risparmio della Città di Loreto.

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A locally oriented savings bank serving customers and businesses in Loreto and the Province of Ancona, later operating within the broader Banca delle Marche and UBI Banca groups.

• Savings and deposit accountsRetail banking

  As a traditional Italian savings bank, Carilo's core activity included gathering deposits from households, local institutions, and businesses in Loreto and the surrounding Province of Ancona. Specific branded account products are not identified in the available reference material.

• Loans and local business financeLending

  The bank provided lending and related financial services to customers in its regional market. Its role within Marche's savings-bank network positioned it as a local source of household and commercial credit, although individual loan products are not specified in the available sources.

• Payment and account servicesBanking services

  Carilo's ordinary banking scope included account administration and payment-related services associated with a regional retail bank. The available material does not identify particular cards, digital products, or branded service packages.

• 2017Absorb Carilo into UBI BancaM&A

  UBI Banca acquired the rescued Banca Marche group, but the transaction required further balance-sheet cleanup and recapitalization.

  What changed. After completing the acquisition, UBI Banca announced and implemented a plan to absorb Carilo. Minority shareholders received an offer of 0.635 UBI Banca shares for each Carilo share.

  Aftermath. The merger was completed on 23 October 2017, ending Carilo's independent corporate and banking operations.

  Exchange ratio. 1 Carilo share → 0.635 UBI Banca shares (Merger completed 23 October 2017)

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• 2015Recapitalize Carilo during banking resolutionStrategy

  The resolution of Banca delle Marche exposed Carilo to capital pressure, including a CET1 ratio of 5.1287 percent at the end of 2013.

  What changed. Carilo was recapitalized by approximately €32.5 million after Banca delle Marche was placed into resolution and nationalized through the National Resolution Fund.

  Aftermath. The bank's CET1 ratio reached 9.1127 percent at 31 December 2015, while the Carilo foundation's holding was diluted to 5.35 percent.

  CET1 capital ratio. 5.1287% → 9.1127% (31 December 2013 to 31 December 2015)

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• 1997Join the Banca delle Marche banking groupM&A

  Regional savings banks in Marche were consolidating, and Banca delle Marche sought to build a larger banking group in the region.

  What changed. Banca delle Marche acquired 78.81 percent of Cassa di Risparmio di Loreto S.p.A., leaving the Carilo foundation with the remaining shares.

  Aftermath. Carilo became one of the savings banks controlled by Banca delle Marche and contributed to the group's regional scale.

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• 2017UBI Banca agrees to acquire the rescued Banca Marche group

  UBI Banca signed an agreement to acquire Nuova Banca delle Marche and related rescued banks for a nominal consideration, subject to balance-sheet cleanup and recapitalization. The transaction included the group containing Carilo.

  M&A
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• 2017UBI Banca announces further capital increase for Carilo

  A further capital increase of approximately €19 million was announced on 28 March 2017 as part of the restructuring preceding the integration of Carilo and the wider Banca Marche group into UBI Banca.

  Other
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• 2017UBI Banca completes acquisition of Banca Marche group

  UBI Banca completed the acquisition on 10 May 2017. A plan to absorb Banca Marche and Cassa di Risparmio di Loreto into UBI Banca was announced on the same day.

  M&A
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• 2017Carilo is absorbed into UBI Banca

  The merger was completed on 23 October 2017. Minority shareholders were offered 0.635 UBI Banca shares for each Carilo share, and the standalone Carilo banking entity ceased to operate as an independent bank.

  M&AOther
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• 2015Carilo recapitalized after Banca delle Marche resolution

  Following the resolution and nationalization of Banca delle Marche in November 2015, Carilo received approximately €32.5 million in recapitalization. Its reported CET1 ratio improved to 9.1127 percent at year-end after the capital intervention and a reduction in risk-weighted assets.

  RegulationOther
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• 2014Carilo enters extraordinary administration

  Cassa di Risparmio di Loreto was placed under extraordinary administration on 17 April 2014 after the financial distress of its parent group, Banca delle Marche. The Bank of Italy acted as the effective administrator under a Ministry of Economy and Finance decree.

  RegulationOther
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1. Cassa di Risparmio di Loreto