Mutual Federal Bank to Open new Branch in Naperville, Illinois

May 07, 2010, 16:25 ET from Mutual Federal Bank

CHICAGO, May 7 /PRNewswire/ -- Mutual Federal Bank announced today that it will open a new branch in Naperville, Illinois.  The branch will be headed by Harry Katz and Supriyo Roy, two experienced Chicago-area bankers formerly with GreatBanc, Inc.  Additionally, Mr. Katz and Mr. Roy have joined the board of directors of the bank.

Stephen Oksas, President and Chief Executive Officer of Mutual Federal Bank, stated, "The formation of this branch and the hiring of Harry Katz and Supriyo Roy are part of a strategic initiative designed to grow the bank by expanding its geographic market area and enhancing its mix of products and services."

Mr. Katz is an experienced commercial banker with over 30 years in the industry, including serving as President and Chairman of the Board of GreatBank Chicago, a $300 million bank subsidiary of GreatBanc, Inc. which was sold to Charter One Bank, N.A. in January 2007.  His broad background in community and commercial banking includes business development, management and branch operations.  Mr. Katz has been a resident of Naperville for 20 years.

Mr. Roy has extensive banking experience and in-depth expertise in strategy, financial planning, and information technology, having served as the Director of Financial Analysis and Planning and as the Chief Information Officer at GreatBanc, Inc., where he managed strategy, planning, budgeting, forecasting, deposit operations and information technology.  Mr. Roy has been a resident of Lisle for 8 years.

Plans call for the new branch, which will operate under the name Great American Bank, to be constructed at the southeast corner of Route 59 and Leverenz Road in Naperville.  The bank has received regulatory approval to open a temporary branch facility at 2695 Forgue Drive, which is adjacent to the proposed permanent site and is expected to open in June 2010.

About Mutual Federal Bank

Mutual Federal Bank is a federally chartered savings and loan association headquartered in Chicago, Illinois, originally founded in 1905.  The bank is a wholly-owned subsidiary of Mutual Federal Bancorp, Inc.

SOURCE Mutual Federal Bank