CHICAGO -- First Chicago Corp. has completed its acquisition of Lake Shore Bancorp, the holding company for Lake Shore National Bank and the Bank of Hinsdale.
First Chicago issued 6.2 million common shares, which could be increased to 6.4 million when all options are exercised, for Lake Shore's shares. The total stock swap could be worth as much as $308 million.
The $1.2 billion-asset Lake Shore increases First Chicago's presence in the affluent North Michigan Avenue and Lincoln Park areas, as well as consumer and small-business markets in suburban DuPage County.
Most of the retail and trust operations become part of First National Bank of Chicago, while middle-market businesses are served by American National Bank.