The founder of an upscale bank in a wealthy Chicago suburb has been ousted by the bank's board.

Howard D. Adams, who formed Lake Forest Bank in 1991 and later created the holding company Wintrust Financial Corp., was removed from his position as Wintrust's chairman and chief executive officer late last month by a 20- 3 vote. Directors cited "fundamental disagreements" over the $1 billion- asset company's business strategy, said Bob Key, executive vice president of marketing for Wintrust.

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