Raymond J. Spaeth 2d, a longtime member of the senior management team at Lakeside Bank, Chicago, was elected president, replacing John R. Montgomery 3d, president of the bank since its founding in 1966.

Mr. Spaeth has worked for Lakeside since its founding and was executive vice president and chief lending officer before his promotion. His father, the late Raymond Spaeth Sr., was a founder of the bank and its vice chairman.

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