BUSINESS LAST WEEK // Chicago

Mich. Thrift Buys Bell Federal Michigan's Standard Federal Bancorp said it reached a definitiveagreement to buy Chicago-based Bell Bancorp Inc. for $354 million.Standard Federal said it will pay $37.50 a share in cash. Includingpayments to be made for outstanding stock options issued by Bell thevalue of the deal is $354.1 million, Standard Federal said. TheTroy, Mich.-based firm is the holding company for Standard FederalBank, Michigan's leading home mortgage lender. Bell President RobertRowen said in a statment that no branch closings were anticipated atthe present time. 1st Chicago NBD Lopping Branches First Chicago NBD Corp. will eliminate 250 jobs as part of itsexpected closing of 24 full-service branches, mostly in the north andnorthwest suburbs. Four of the branches will continue to function asATM and drive-through banks. The closures won't be completed untilmidsummer, and are a result of First Chicago's merger withDetroit-based NBD Bancorp on Nov. 30. The closures will leave FirstChicago NBD with 120 branches in the greater Chicago area. Motorola Building Elgin Facility Motorola Inc. said it will build a $40 million headquarters in westsuburban Elgin for its messaging, information and media division.The unit, established in February, 1994, builds high-speed modems,personal digital assistants and other communications products. Thedivision's 700 employees will work at the new 1,300-acre site. About1,500 will be added by the time the building is completed in thethird quarter of 1997. U.S. Robotics Seeks Higher Profile As the world of computer parts makers continues to consolidate, U.S.Robotics, the fast-growing Skokie-based modem manufacturer, is aimingto build its first strong brand identity. The company, which hasgrown dramatically during the last few years, is conducting anadvertising review for its estimated $10 million account in an effortto push its name out in front of its consumers via TV and printadvertising. The goal: To have the most well-known brand name inthe modem industry. "U.S. Robotics wants to be the Microsoft of themodem business," said an agency source involved in the review. City Panel OKs Sun-Times Plan The city's Community Development Commission approved a Sun-Timesplan to build a new $60 million printing plant on the city'sSouthwest Side, sending it to the City Council for a vote. TheSun-Times will pay $4.4 million, or $3.50 per square foot, for the28.7-acre parcel, which is part of the larger I-55; Ashlandredevelopment project area at Ashland Avenue and the Stevenson Expy.Sun-Times officials say they hope to have Council approval quicklybecause of an 18-month lead time on delivery of new presses.