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INVESTOR GROUP TO ACQUIRE LAKESIDE BANK, 69 PERCENT OWNED BY R.R. DONNELLEY AND SONS COMPANY

 CHICAGO, March 30 /PRNewswire/ -- The board of directors of Lakeside Bank announced that Lakeside Bank has entered into a definitive agreement and plan of merger for Lakeside Bank to be acquired in an all- cash transaction by a group of private investors. The acquiring group is led by Victor J. Cacciatore, Sr., a director of Lakeside Bank, John R. Montgomery, III, president of Lakeside Bank, and Raymond J. Spaeth, II, senior vice president of Lakeside Bank.
 In making the announcement, the Board emphasized that the proposed sale would not affect the bank's commitment to continue to provide quality banking and financial services to the customers and communities served by Lakeside Bank and would not alter the essential character of the bank as a community bank with specialized areas of expertise.
 A committee of independent Lakeside Bank directors, advised by investment bankers, solicited expressions of interest from a significant number of financial institutions and other prospective buyers, and negotiated this sale. The transaction is subject to a number of conditions, including regulatory approval by federal and state banking agencies and approval by shareholders owning two-thirds of the common stock of Lakeside Bank. It is expected that a special meeting of shareholders will be held within the next 120 days to act on the transaction and that the sale will be completed in late summer or early fall after all approvals have been received. Pending completion of the transaction, the business of the bank will be operated in the normal course. More detailed information about the transaction will be provided in advance of the special meeting of shareholders.
 Lakeside Bank is a state-chartered bank having total assets at Dec. 31, 1992 of approximately $200 million. Founded in 1966, Lakeside Bank today has its main banking office in the Board of Trade Building in the Chicago Loop and operates 4 branch banking facilities.
 Approximately 69 percent of the issued and outstanding common shares of Lakeside Bank are owned by R.R. Donnelley & Sons Company (NYSE: DNY), which has agreed with the buyer that it will vote its shares in favor of the Agreement and plan of merger at the shareholders meeting called to act on the transaction.
 -0- 3/30/93
 /CONTACT: Ronald G. Eidell, senior vice president and treasurer of


R.R. Donnelley and Sons, 312-326-8375 or John R. Montgomery, president of Lakeside Bank, 312-578-4333/
 (DNY)


CO: R.R. Donnelley and Sons Company; Lakeside Bank ST: Illinois IN: FIN SU: TNM

TS -- NY047 -- 1000 03/30/93 11:30 EST
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Publication:PR Newswire
Date:Mar 30, 1993
Words:418
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