Suburban-Focused Illinois Bank Plans Office in Hot Chicago Area
A Chicago-area community bank that has stuck to the suburbs since its founding in 1983 plans to open a branch in one of the city's fastest-growing neighborhoods and hints that it might explore further urban growth.First Oak Brook Bancshares Inc., the $1.2 billion-asset parent of Oak Brook Bank, has scheduled a third-quarter opening for its 5,200-square-foot branch just north of Chicago's downtown Loop district in a neighborhood known as River North.
"We've been looking for a site in the city for a while," said William E. Navolio, chief legal officer and a vice president at First Oak Brook. "We're studying additional opportunities, and I wouldn't count us out of putting an office in the Loop."
First Oak Brook said it will target young professionals who in recent years have poured into the neighborhood and spurred development of luxury condominiums. It also plans to do business with large national retailers with stores on nearby Michigan Ave.
First Oak Brook already has customer relationships with several of these retailers, which have stores in an upscale mall near its Oak Brook headquarters.
- Craig Woker
Indiana Thrift's Auditor Resigns, Saying Client Ignored Its Advice
The independent auditor for a small Indiana thrift has quit, saying it could not trust the thrift's management to do what it said it would.Home Building Bancorp, a $49 million-asset thrift holding company in Washington, Ind., said in an 8-K report filed Jan. 28 with the Securities and Exchange Commission that Kemper CPA Group LLC had notified it on Jan. 24 that it would no longer do the thrift's books.
Kemper, which is also based in Washington, said in a letter that Home Building's management had not segregated its internal accounts as the accounting firm had recommended and had not subjected all its accounts to the same set of controls. Home Building asserted that it did follow Kemper's recommendations.
Home Building said it is seeking a new auditor.
- Craig Woker
