SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15 (d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported) January 22, 1999
COVEST BANCSHARES, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 0-20160 36-3820609
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(State or other (Commission File (I.R.S.
Employer Jurisdiction Number) Identification
No.) No.)
749 Lee Street, Des Plaines, Illinois 60016
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(address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (847) 294-6500
Item 5. OTHER EVENTS
On Friday, January 22, 1999, the Company issued a press release
pertaining to the election of President and Chief Executive Officer of the
Bank and holding company. The text of the press release is attached hereto
as Exhibit 99.1.
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: January 22, 1999 COVEST BANCSHARES, INC.
By:/s/ James L. Roberts
_______________________
James L. Roberts
President and
Chief Executive Officer
By:/s/ Paul A. Larsen
_______________________
Paul A. Larsen
Senior Vice President and
Chief Financial Officer
Item 7. EXHIBIT 99.1
CoVest Bancshares, Inc. Elects Chief Executive Officer
DES PLAINES, IL, January 22, 1999 -- The Board of Directors of CoVest
Bancshares, Inc., (Nasdaq:COVB) parent company of CoVest Banc N.A., elected
James L. Roberts to the positions of President, Chief Executive Officer and
a Director of the bank and its holding company.
Roberts brings more than 30 years of experience in the financial services
industry where he previously served as Chief Executive Officer for publicly
traded financial services holding companies and head of Corporate Finance
for a Chicago-based regional investment bank.
"We are fortunate to have found an individual with Jim's depth of past
experience at top flight organizations," said Frank A. Svoboda, Chairman of
the Board. "We are delighted to have him join CoVest where he shares our
commitment to building shareholder value through the successful execution of
our 'community bank style' strategy," he said.
He served as President and CEO of Perpetual Midwest Financial, Inc. of Cedar
Rapids, Iowa and its wholly owned subsidiary Perpetual Savings Bank, FSB from
1993 until those companies were acquired in 1998. Prior to that, Roberts
held the position of Executive Vice President and head of Corporate Finance
for Kemper Securities, Inc. of Chicago, Illinois. Before that, he was
Executive Vice President and head of Corporate Finance for one of its
predecessor firms, Blunt, Ellis & Loewi, Inc.
From 1984 to 1990, he was employed by First Bank System, Inc. of Minneapolis,
Minnesota where he was President and CEO of First Bank Milwaukee and market
president for Wisconsin. Roberts business career began at the Harris Bank of
Chicago, where he headed the commercial real estate division. In addition,
he headed Harris Bank International Corporation in New York City and was
General Manager of Harris Bank's London office. While in London, Roberts was
elected President of the American Society of London.
He has served on the board of directors of two United Way organizations and was
campaign chairman for the Eastern Iowa United Way in 1997, as well as for the
organization's greater Milwaukee location.
As a director for the Metropolitan Milwaukee Association of Commerce, he
headed the Aspin/MACC Procurement Institute. He served as a board member for
various organizations which include the Milwaukee Art Museum, Milwaukee
Redevelopment Committee, and as treasurer on the Milwaukee World Festivals,
Inc., board. He also was chairman of Future Value Ventures, the largest
MESBIC in Wisconsin. In addition, Roberts was President of Theatre Cedar
Rapids, and on the board of St. Lukes Hospital Foundation in Cedar Rapids,
Iowa.
Roberts is a graduate of Indiana University where he received his BS degree in
business and economics and an MBA in international business.
As of December 31, 1998, CoVest Bancshares, Inc., has consolidated assets of
$549 million. CoVest Banc, the company's commercial bank subsidiary, operates
full-service offices in Arlington Heights, Des Plaines and Schaumburg, and
mortgage offices in Aurora and McHenry, Illinois.
