SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report August 25, 1998
(Date of earliest event reported)
COVEST BANCSHARES, INC.
(Exact name of Registrant as specified in its charter)
Delaware 0-20160 36-3820609
(State or other Commission File (I.R.S. Employer
jurisdiction of Identification Number)
incorporation)
749 Lee Street, Des Plaines, Illinois 60016
(Address of principal executive offices) (Zip Code)
(847) 294-6500
(Registrant's telephone number, including area code)
Item 5. Other Events
On August 25, 1998, the Company issued a press release designating
R. Kennedy Alger as interim President. The text of the press release
is attached hereto as Exhibit 99.1
Exhibit 99.1
Des Plaines, IL. August 25, 1998 - CoVest Bancshares, Inc. (Nasdaq
COVB), the holding company for CoVest Banc, Des Plaines, Illinois,
announced the departure of Larry G. Gillie, as President of the Company
and the Bank, effective August 24, 1998. Frank Svoboda, Chairman of the
Board, said that there was a difference of opinion in philosophy. The Board
determined that there was a need for new leadership to take the Bank to
the next level of community banking in a continuing effort to increase
shareholder value through remaining independent in a rapidly consolidating
marketplace. Mr. Svoboda commended Mr. Gillie for his efforts in moving
the institution from a publicly-traded savings bank to a nationally chartered
community bank, and his involvement within the community.
R. Kennedy Alger, Executive Vice President, has been designated interim
President.
As of June 30, 1998, CoVest Bancshares had consolidated assets of
$588.3 million. The Bank operates three full-service offices in Arlington
Heights, Des Plaines, and Schaumburg, and loan production offices in
Aurora and McHenry.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Dated August 25, 1998 COVEST BANCSHARES, INC.
By: /s/
_______________________________
Paul A. Larsen
Senior Vice President and
Chief Financial Officer
