Community Bank of Oak Park River Forest is up for sale, according to a story published Sept. 14 by Crain’s Chicago Business.
The business publication reports that unnamed sources say the bank has hired Chicago-based Monroe Financial Partners to manage the sale.
Monroe executive vice president Greg Dingens could not immediately be reached for comment.
Calls to Community Bank President and CEO Walter Healy and Chairman Marty Noll were not returned by press time.
Crain’s reports that the bank had $224 million in deposits as of June 30, 2017. It has $325 million in total assets, according to Crain’s.
The bank’s second largest shareholder, Elk Grove Village-based First American Bank, with an 11 percent stake, attempted a hostile takeover of Community Bank in 2016, offering to pay shareholders $134.32 per share, but the offer failed to gain the requisite votes from other shareholders.
First American Chairman and CEO Thomas Wells said in a telephone interview that he was only aware of the potential sale through news reports and that he had not heard directly from the bank.
At the time of that takeover attempt First American accused the bank of mismanagement and self-dealing, offering a discounted stock sale to members of the bank’s leadership and friends and leaving out other shareholders.
Wells said in a recent telephone interview that First American “would embrace a vigorous sale of the bank.”
“We want to get a good bidding process, so shareholders maximize the value they’ve earned over the years,” he said. “Original shareholders have been in some 20 years; it would be nice to liquidate that investment and reinvest.”
Wells said he would assume that if the bank is selling, then it would contact any entity in the past that has expressed interest in buying.
“We want to make sure there’s an active group of bidders,” he said.
CONTACT: tim@oakpark.com
