Oak Brook Bank Announces Its 23rd Office in Oak Lawn, Illinois
August 24 2005 - 1:08PM
Business Wire
First Oak Brook Bancshares, Inc. (NASDAQ:FOBB). The $2.15 billion
Oak Brook Bank announced plans to construct its 23rd branch at 9701
S. Cicero Avenue in Oak Lawn, Illinois. The Village of Oak Lawn,
fifteen miles from Chicago's Loop in southwestern Cook County, is
an established community of 55,245 residents. Cordogan, Clark &
Associates, Oak Brook Bank's project architect, is designing a
2,000 square foot, one-story branch with two drive-up lanes for the
17,143 square foot site. With bank regulatory and municipal special
use approvals for the branch now in hand, the Bank expects to
complete the acquisition of the property within the next 45 days.
Scheduled to open in late 2006, the Oak Lawn office will be a
full-service facility, providing a complete range of personal and
commercial banking and investment services. The Oak Lawn location
was chosen for its convenience to residential areas and local
businesses, easy access and high visibility. Commenting on the
proposed office, Richard M. Rieser, Jr., President and CEO of Oak
Brook Bank, said, "We are very excited to have identified this
particular site in Oak Lawn. With a large concentration of growing
and mature families as well as a high percentage of home ownership
among its residents, together with a thriving business community
and outstanding village amenities, Oak Lawn is an ideal setting for
Oak Brook Bank, and the kind of high-quality, high-value banking
and financial services we offer." Oak Brook Bank now operates 18
offices throughout metropolitan Chicago. The Bank is currently
constructing branches in Wheaton, Illinois, in Glencoe, Illinois,
and in Northbrook, Illinois. The Wheaton, Glencoe and Northbrook
branches are expected to open late in 2005. The Bank has also
announced plans to construct its 22nd branch in Homer Glen,
Illinois, which is slated to open in 2006. The parent company of
Oak Brook Bank, First Oak Brook Bancshares, Inc., is the 11th
largest independent, publicly-held bank holding company
headquartered in Illinois. The Company is traded on the NASDAQ
Stock Market under the ticker symbol FOBB. Forward -Looking
Statements This release contains certain forward-looking statements
with the meaning of Section 21E of the Securities Exchange Act of
1934, as amended. The Company intends such forward-looking
statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995, and this statement is included for
purposes of invoking these safe harbor provisions. Forward-looking
statements, which are based on certain assumptions and describe the
Company's future plans, strategies, and expectations, can generally
be identified by use of the words "believe," "expect," "intend,"
"anticipate," "estimate," "project," or similar expressions. The
Company's ability to predict results or the actual effect of future
plans or strategies is inherently uncertain and actual results may
differ materially from the results projected in forward-looking
statements due to various factors. These risks and uncertainties
relating to the matters described above include, but are not
limited to, unanticipated delays in regulatory approval or
construction build out relating to the branch; difficulties in
attracting and retaining qualified personnel; and possible dilutive
effect of the expenses associated with the start-up of the branch.
These risks and uncertainties should be considered in evaluating
forward-looking statements and undue reliance should not be placed
on such statements. We undertake no obligation to update publicly
any of these statements in light of future events except as may be
required in subsequent periodic reports filed with the Securities
and Exchange Commission.
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