Warren Buffett’s Top Plays: #7 Illinois National Bank INB

Buffett purchased the Illinois National Bank & Trust in 1969 for $18.9 million, which was about 31% of his net worth at the time. It was a highly profitable investment and had to be sold in 1980 due to the Bank Holding Company Act of 1969. The sale resulted in a return of 130% for Berkshire shareholders and Buffett was sad to have to sell the bank. He emphasizes the importance of buying businesses with proven track records and proven managers and operations.