BECKY YERAK
Tribune reporter Ameet Sachdev contributed to this article
Published August 11, 2006

So hotly contested is the Chicago banking market that institutions are eyeing every nook and cranny to get their name out there.

Take Bank of America. Ranked 12th in the Chicago area in terms of market share, the Charlotte-based bank has won a contract from the CTA allowing it to put branded automated teller machines at 11 stations.

Locations include Grand and State, the State of Illinois building, and State and Lake, bank spokeswoman Diane Wagner said.

"The CTA published a request for proposal of ATM services, and we responded," she explained.

Besides the CTA stops, Bank of America's presence includes 15 freestanding ATM vestibules that house two machines apiece. A 16th will open soon.

Did we mention it has branches too? The bank has 46 Chicago-area locations, including a new office at 69th Street and Ashland Avenue and one opening Saturday in Barrington.

More job cuts: Aon Corp., which last November announced 1,400 job cuts and later ratcheted up the number to 1,800 and then 2,200, plans to dig even deeper. The Chicago-based insurance brokerage and consulting firm now plans to eliminate 2,400 jobs.

Help for underbanked: Community Savings Center, geared to low- and middle-income families, recently had its grand opening at 310 N. Pulaski Rd.

The Chicago institution is a partnership of Bethel New Life, Thrivent Financial for Lutherans and Park National Bank.

Its individual development account program allows people to save up to $2,000 and receive a $4,000 match toward postsecondary education, business financing or a first-time home. Participation is generally limited to those with household incomes no greater than 200 percent of the poverty line. That's about $35,000 a year for a family of four.

The IDA program was launched with a $1 million donation from Thrivent and a $1 million match from the U.S. Department of Health and Human Services.

Center products also include savings and free checking accounts, check cashing, money orders, secured credit cards, mortgages, and emergency and auto loans. Services include individual counseling and free classes on such topics as home buying and credit repair. The phone number is 773-826-8121.

Chicagoan Andre Boulrece took a class at the center. "If someone doesn't have a relationship with another bank, I would refer them to the center," he said.

More buyout guessing: Could Marshall Field's be getting another new owner?

Citigroup Inc. examined a dozen retailers and assessed their attractiveness to leveraged buyout firms.

Private equity activity has been robust in recent years because of relatively low interest rates. Buyout firms have about $100 billion in cash to spend, enabling them to finance about $500 billion in deals, Citigroup estimates.

The retailers deemed appealing for an LBO include Federated Department Stores Inc., which last year bought May Department Stores Co. and, in the process, inherited Field's.

In a 34-page report, Citigroup cites Federated's undervalued stock, strong cash flow, and potential for cost-cutting and margin improvement.

Others named as potential targets include BJ's Wholesale Club Inc. and Foot Locker Inc.

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byerak@tribune.com