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Comings & Goings: Raising Cane’s opens in Orland Park

bob bong headshotBy Bob Bong

Raising Cane’s chicken restaurant opened the doors to its Orland Park location on Tuesday and it was an immediate hit.

The restaurant was the first to open at 15011 S. LaGrange Road. It’s one of the restaurants going up on the former site of Toys R Us. It will feature indoor dining as well as a double drive-thru lane. Also coming is a Chipotle restaurant.

It is the chain’s third south suburban location. The first opened on Valentine’s Day at 11006 S. Cicero Ave. in Oak Lawn. Other locations are in Evergreen Park, Naperville, North Riverside and Harwood Heights.

Hours are expected to be Sunday through Thursday from 10 a.m. to 11 p.m., and Friday and Saturday from 10 a.m. to midnight.

The company was founded by Todd Graves in Louisiana in 1996 and named for his yellow Labrador.

First Midwest shareholders approve merger

First Midwest Bancorp Inc. last week announced that its stockholders have overwhelmingly approved the proposed merger between First Midwest and Old National Bancorp, which was announced on June 1.

At First Midwest’s stockholder meeting held on September 15, approximately 99% of the votes cast voted in favor of the merger.

“Our partnership with Old National is, at its core, a growth strategy that will put us in an even stronger position to invest, grow and innovate in talent, capabilities and services across our combined footprint,” said Michael L. Scudder, Chairman and CEO of First Midwest. “We are very pleased our stockholders also see the value that this partnership will bring to our clients, colleagues and communities and in driving long-term stockholder value.”

Completion of the merger remains subject to regulatory approval by the Board of Governors of the Federal Reserve System and satisfaction of the other customary closing conditions set forth in the merger agreement between the First Midwest and Old National. The Office of the Comptroller of the Currency has approved the application for the merger of First Midwest and Old National.

The merger remains on track for an expected closing in the fourth quarter of this year.

South Division Credit Union merges

Members of South Division Credit Union in Cook County will now have access to expanded products and services following the recent merger with Scott Credit Union, which is headquartered in Edwardsville.

The merger was approved with a vote of the membership of the former South Division Credit Union and the approval by the boards of directors of Scott Credit Union and South Division Credit Union. Having received final regulatory approval, the merger was effective September 1.

“We’re looking forward to this opportunity to combine our two credit union families into one strong, growing organization,” said Frank Padak, President and CEO of Scott Credit Union.

The merger has expanded Scott Credit Union’s field of membership to include part of the greater Chicago area and has increased its total footprint to 23 locations with the addition of SDCU’s Evergreen Park, Midlothian, and Chicago branches. Scott Credit Union will also gain approximately 5,500 new members and 20 full-time and part-time employees.

“This merger will be greatly beneficial to both of our credit unions,” said Padak. “As part of SCU’s overall strategy for growth, we now have the opportunity to offer our services to even more potential members by expanding into the Chicago area. Meanwhile, South Division Credit Union will benefit from significant annual savings on expenses and a higher return on assets. Plus, South Division’s members are expected to enjoy higher rates on deposits, an expanded slate of products and services, as well as favorable rates and turn-around times for loans.”

Following the merger, the Chief Executive Officer of South Division Credit Union, Geraldine Burek, has announced her intention to retire after 40 years of service.

“South Division Credit Union’s goal has always been to provide the best possible products and services for our members,” said Burek. “Our team is excited for this opportunity to partner with Scott Credit Union and demonstrate to our members how we can become even better together.”

“As credit unions, both of our organizations share the same spirit of cooperation and a philosophy of people helping people,” added Padak. “We look forward to welcoming South Division’s employees and members into the SCU family while maintaining a locally focused financial institution.”

If you see a new business in town or wonder what happened to an old favorite, drop me a line at [email protected]. You can track business openings and closings at http://bobbongonbusiness.com/

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