Oak Brook Bank Forms Real Estate DevelopmentSubsidiary.

Business Editors

OAK BROOK, Ill.--(BUSINESS WIRE)--May 8, 2000

The $1.18 billion asset Oak Brook Bank recently formed a wholly-owned subsidiary corporation for the purpose of real estate development. The new subsidiary, Oak Real Estate Development Corporation, was officially

Oak Brook Bank received state and federal approval for the subsidiary from the Illinois Office of Bank and Real Estate and the Federal Deposit Insurance Corporation (FDIC). Oak Brook Bank is one of the first banks in Illinois to obtain such approval. The approval allows Oak Real Estate Development Corp. to acquire, develop, rehabilitate, sell and / or rent single and multi-family residential real estate, residential apartment buildings, and commercial properties that are part of or ancillary to residential real estate, in Illinois. One of the main objectives of the Oak Real Estate Development Corp. is to develop and rehabilitate properties for Section 8 housing purposes.

The subsidiary will be managed by a newly appointed Board of Directors, many of whom have significant expertise and experience with both residential and commercial real estate projects. Directors include Gary M. Fazzio of CB Richard Ellis, Inc., Bruce Wechsler of Wexenthaller Realty Management, Inc., and Frank M. Paris, Mayor of the Village of River Forest. Other directors include Richard M. Rieser, Jr., George C. Clam, William E. Navolio, Glenn Krietsch and Lorenzo Pate, all of Oak Brook Bank.

The $1.18 billion asset Oak Brook Bank is a subsidiary of First Oak Brook Bancshares, Inc. Headquartered in Oak Brook, IL, the Bank currently has a cyber office at www.obb.com, and 11 additional brick and mortar offices in Addison, Aurora, Bensenville, Broadview, Burr Ridge, Glen Ellyn, La Grange, Lisle, Naperville and Warrenville in the western suburbs of Chicago and in Glenview on Chicago's North Shore. First Oak Brook Bancshares, Inc. is the ninth largest independent publicly-held bank holding company headquartered in Illinois and is traded on the NASDAQ National Market System under the symbol FOBB.