March 1, 2001Personal and Confidential Directors • May 15th, 2001 • First National Bancorp Inc /Il/ • National commercial banks
As you know, Bank of Montreal (“BMO”), Bankmont Financial Corp. (“Bankmont”) and First National Bancorp, Inc. (“FNB”) intend to enter into an Agreement and Plan of Merger (the “Agreement”) whereby FNB will merge with and into Bankmont (the “Merger”). We are writing this letter because each of you is currently a director emeritus of First National Bank of Joliet (“FNBJ”) and, in view of your standing in the community, your expertise, and your knowledge concerning FNBJ and its business it is important to us that we have the benefit of your counsel going forward and, therefore, we would like to retain each of you as a director emeritus of FNBJ, subject to the terms and conditions set forth herein, in the event the Merger is consummated.
