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LAKESIDE BANK SOLD; INVESTORS PLEDGE SAME COMMITMENT TO CUSTOMERS AND COMMUNITY; MAJORITY OF INVESTORS ARE BANK CUSTOMERS

 CHICAGO, Sept. 30 /PRNewswire/ -- Lakeside Bank's board of directors announced that the previously reported sale of the 27-year-old financial institution was completed today. The approximate $20 million cash transaction had been previously approved by shareholders and had also received all required regulatory approvals.
 Approximately 69% of Lakeside Bank's outstanding common shares was owned by R.R. Donnelley and Sons Company (NYSE:DNY). The shares owned by R.R. Donnelley have been purchased by the acquisition group.
 The acquisition of Lakeside Bank's outstanding shares was made by a group led by three of the bank's key management people. They are: Victor J. Cacciatore, a director since 1972; John R. Montgomery, III, president of the Bank since its inception; and Raymond J. Spaeth, II, senior vice president and chief lending officer since 1966.
 Cacciatore is chairman of Jos. Cacciatore and Co., a real estate company founded by his father in 1906. The firm, headquartered at 527 South Wells, employs 150 people, many from the Bridgeport area. In addition to owning his own law firm, he has been a trustee of DePaul University for the past 21 years. He has long-standing ties with the Bridgeport community and Near South Side.
 Montgomery is active in community and civic organizations and has served as chairman of the South Side Planning Board since 1968. He is also a former president of the Illinois Bankers Association.
 Spaeth, whose father originally founded the bank, is a Near South Side resident and serves various community organizations, including the Chinatown Chamber of Commerce and Chinese American Service League.
 Montgomery emphasized that the change in ownership would not affect Lakeside's commitment to continue to provide quality banking and financial services to its customers and communities.
 "We will maintain the essential character of the bank as a community bank with specialized areas of expertise," he said. "Indeed, the motivation of our group is to keep Lakeside a community bank -- one that meets the needs of its diverse and dynamic customers in Chicago. And, reflecting this, the majority of investors are actually customers of Lakeside Bank who live or work in the communities Lakeside serves."
 Lakeside Bank is state-chartered and has total assets of approximately $200,000,000. Its main banking office is in the Board of Trade building, with branches on the Near South Side, North Loop and Chinatown.
 -0- 9/30/93
 /CONTACT: John R. Montgomery, president of Lakeside Bank, 312-578-4333 or Ronald G. Eidell, senior vice president and treasurer of R.R. Donnelley and Sons Company, 312-326-8375/
 (DNY)


CO: Lakeside Bank ST: Indiana IN: FIN SU:

WB -- NY101 -- 7457 09/30/93 16:19 EDT
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Publication:PR Newswire
Date:Sep 30, 1993
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