Bank Tries to Expand Success with Bid
Comerford, Mike, Daily Herald (Arlington Heights, IL)
Byline: Mike Comerford Daily Herald Business Writer
Flamboyant banker Saul Binder brought his Success Bancshares through a $16 million initial public offering less than two months ago and already is pressuring a Chicago bank to accept a $32.8 million buyout offer.
Success, which has branches in Arlington Heights and Libertyville, is offering a stock deal to North Bancshares, which operates primarily in Chicago and Wilmette.
Lincolnshire-based Success is offering 2.41 shares for every share of North Bancshares.
However, North Bancshares officials have not acted on the offer in six weeks, Success officials said, so Binder decided to make the offer public on Friday to put pressure on its board of directors.
Binder is calling for a Jan. 2 meeting to discuss the offer.
"We will do what is right for our shareholders and not what is right for Mr. Binder," said Joseph Gruber, president of North Bancshares, on Friday. "We were going to meet on the offer (Friday night), but now that he has made it all public, I don't know when the board will meet. …