W E D N E S D A Y
October 12, 2016 Vol. 35, No. 8 ONE DOLLAR
JOURNAL of Oak Park and River Forest
@O @OakPark
Open House Oak Park
Homes, page B1
Community Bank targeted for takeover
Major shareholder claims leadership geared stock deal to “insiders and their friends” By TIMOTHY INKLEBARGER Staff Reporter
Community Bank of Oak Park-River Forest acknowledged today in a press release that it has been targeted for a hostile takeover by one of its largest shareholders, First American Bank Corporation. But Community Bank President and CEO Walter Healy said in the press release that First American’s offer letter contains “a number of misleading or inaccurate statements” concerning the value of the company and its earnings, among other things. Neither Healy nor Marty Noll, chairman of the board of Community Bank, could be reached for comment. First American owns 11 percent of the bank’s private stock, making it the second largest stockholder. First American claims in a Sept. 29 offer letter to shareholders that Community Bank has failed to create a market for shares and has “diluted” the value of stock “while some of the company’s value was silently transferred to management and their friends.” The Community Bank press release states that First American issued an unsolicited offer to purchase common stock of the company for $134.32 per share with See COMMUNITY BANK on page 20
File 2016
TRANSPLANTER: Neb Mrvaljevic, is co-owner of the new restaurant and wine bar, Novo, located at 734 Lake St.
Oak Park now restaurant hot spot New high-rise residents, streamlined permitting attracts business
By TIMOTHY INKLEBARGER Staff Reporter
Only five years ago, Oak Park and River Forest High School graduate Hai Tran and his family opened their first restaurant in this country. The Tran family already had a couple of restaurants and other businesses in Vietnam, but now they were ready to
give it a shot in America. Saigon Pho & Café, located at 7237 Madison St. in Forest Park, was their first venture. The permitting and licensing needed to open the restaurant was a first for the family — Tran explained that in his native Vietnam, such legal requirements were practically nonexistent. “In Vietnam it’s much easier,” he
said. “You put up the sign and you’re ready to go.” When the lease for the Forest Park location expired, though, they decided to relocate Saigon Pho to the up-andcoming restaurant scene in Oak Park, Tran explained. The new Saigon Pho opened at 726 Lake St. earlier this year. See RESTAURANTS on page 17
Fall Menu is Here! Stop by to taste the new items.
144 S Oak Park Ave
708.358.9800
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