CFS Bancorp Inc. in Munster, Ind., is exploring its strategic options, including the possibility of selling itself.

The $1 billion-asset company, which has healthy capital levels but persistent loan trouble, has retained David D. Olson as an adviser to help evaluate its alternatives. Olson was formerly the co-head of Donaldson Lufkin & Jenrette's financial institutions group and head of the firm's Chicago investment banking office.

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