First Oak Brook Bancshares (NASDAQ:FOBB)
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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.