CHICAGO Lake Shore Bancorp said it has decided to solicit takeover proposals.
The $1.2 billion-asset company said it will forward preliminary materials to parties that have contacted it and, perhaps. other companies.
On Aug. 25 Lake Shore Bancorp said it received an "indication of interest in a possible business combination" from a bank holding company it declined to identify. Analysts have said that First Chicago Corp. and Harris Bankcorp are the most likely in-market bidders.
Last week, chairman an chief executive James W. Aldrich said Lake Shore's board "has determined that it would be in the best interest of the shareholders to seeks a transaction. If we ultimately proceed to a written agreement, it might be expected in late November.
