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Illinois-based First American attempts Oak Park River Forest Bankshares takeover

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Illinois-based First American attempts Oak Park River Forest Bankshares takeover

In Illinois, FirstAmerican Bank Corp. is urging fellow Oak Park River Forest Bankshares Inc. stockholders to tendertheir shares of the Oak Park-based company. First American is offering them a pricethat pegs Oak Park River Forest's value at $29.5 million, Crain's Chicago Businessreported Oct. 8.

First American, the parent of Elk Grove Village-based ($3.47 billion),already owns 11.00% of Oak Park River Forest, the parent of Community Bank of Oak Park River Forest ($301.3 million).

The potential buyer's chairman and CEO, Thomas Wells, criticizedthe lack of shareholder returns at the target bank. "You can't have our moneyand not give it back," Crain's quotes Wells as saying in an interview. In aletter to shareholders, Wells also complained that Oak Park River Forest's saleof new shares in December 2014 had excluded certain stakeholders from the offeringand that stock options granted in 2014 and 2015 to management and board memberswould earn them almost $6 million just from selling to First American.

In its own letter, Oak Park River Forest Chairman Martin Nolland CEO Walter Healy told shareholders the unsolicited bid was too low.

Wells said a sale by Oak Park River Forest would be welcome,even if it were to a different company.