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Clark To Pay Up To $12.6 Million For Bank Benefits Firm

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NU Online News Service, Oct. 3, 2003, 5:37 p.m. EST – Clark Consulting Inc., Barrington, Ill., has bought Executive Benefit Solutions L.L.C., Memphis, Tenn., from David Shoemaker.

Shoemaker will get $2.6 million in cash up front, and he can get $10 million more over the next 42 months if his firm meets specified revenue targets, Clark says.

Clark, a unit of Clark Inc., sells benefits consulting services and other consulting services.

Executive Benefit sells compensation, benefits and bank-owned life insurance portfolio consulting services to banks in the Northeast.

Clark is making Shoemaker president of its banking practice in a region that includes New Jersey, New York, Pennsylvania and Tennessee.