First Bank of Oak Park will change its name in January as part of a in-company re-branding of five separate banks that will share the name Park National Bank.
The banks are owned by Oak Park-based FBOP Corp., which owns institutions in Illinois, Arizona, California, and Texas. All Illinois holdings will assume the name after the Jan. 17 merger, including Cosmopolitan Bank and Trust, Pullman Bank, Regency Bank and the namesake Park National.
The new Park National will have 25 locations and assets of more than $3.5 billion, according to the company's web site. FBOP Corp.'s assets are estimated at $15 billion.
News of the change was mailed to customers in a Nov. 1 letter.
"For several years, the five Illinois banks have been sharing common management and support systems," the letter reads in part. "We have used this valuable time to prepare and implement a plan to ensure a smooth transition and positive experience for you."
Oak Parker Mike Kelly, who owns FBOP Corp., did not return a call seeking comment. An article in Crain's Chicago Business Monday, for which he also did not comment, pegged his personal net worth at $3 billion?#34;$300 million more than Donald Trump or Steven Spielberg?#34;which would place him No. 73 on the Forbes 400 list of wealthiest Americans.
First Bank of Oak Park has two locations in the village, at 11 W. Madison St., which is also FBOP's headquarters, and at 6011 W. North Ave. An Austin branch is at 4909 W. Division St.