Crescent Bancshares Corporation to acquire a bank in the Chicago marketChicago, IL December 23, 2009 – Crescent Bancshares Corp. announces the intent to acquire a Chicago banking institution. The company has been working for the past twelve months to assemble key investors, management candidates and acquisition targets. “We feel that it is the absolute right time to enter the marketplace.” said Mike Rossmeier, an initial investor and board member in the company.
Crescent Bank will service all customers, and will have a specific plan to develop products and services for the South Asian, Southeastern European and Muslim markets.
“The bank intends to focus on all customers in the primary MSA, and hopes to deliver customized services to the growing ethnic markets in the Chicagoland area. Some of the ethnic demographics are exceptional, and represent a huge opportunity for Crescent.” Continued Rossmeier.
The company engaged Zeus Capital Advisers in mid 2008 to help develop the business plan, and to deliver on the overall project. “Our team of 10 has spent a good part of the year responding to the changing financial and regulatory landscape,” said Fawad Butt, the Managing Partner at Zeus Capital Advisers (ZCA). “The financial meltdown of 2008/09 has left many bank groups in disarray. Today, It’s a changed landscape and investors have to adjust business plans to accommodate for the change.” continued Mr. Butt.
The project plan calls for operations in early 2010. “We are fortunate to have hit every milestone on target, and hope to acquire an institution shortly” said Jeff Kulenovic. Mr. Kulenovic who is set to be the president of the acquired bank brings with him an experienced management team, including a CFO, CLO, Compliance officer and Branch Manager.
“We are very happy to have Jeff on our team. I have no doubt that his experience and relationships will reflect themselves in operational excellence and profitability” said Mr. Kamran Hassan, another initial investor in the venture
The acquisition process is in the final phase. “We have conducted diligence on over forty banks in Chicago, and are comfortable with our choices” continued Jeff.
Crescent Bancshares corp. hosted the first investor forum on October 18th, 2009. Over 100 professionals representing various backgrounds attended the event. In the past six weeks, Crescent has hosted three other investor forums, which were also well attended. The company plans to host additional events aiming to spread the word about Crescent Bank and to educate accredited investors regarding investment opportunities.
Crescent Bancshares Corporation
5600 N River Rd Suite 800
Des Plaines, IL 60018
Crescent Bancshares consists of 14 initial contributors representing over 200 years of professional experience. Our organizing committee consists of affluent individuals from the Chicago land area. The stakeholders are expected to play an important role by contributing private and professional networks.
The Bank will offer a wide array of products and services that are typically provided by a community bank. These products include savings accounts, checking accounts, lending services, certificate of deposits, IRAs and other financial products. Other services will include ATM/debit card, direct deposit, courier services, and remote deposit capture to name a few. The bank will offer its customers multiple services electronically, including internet banking, bill payment, online check order, account transfers, and electronic statements.
Crescent Bancshares Corporation
5600 N River Rd Suite 800
Des Plaines, IL 60018
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