Former DuPage County Board Chairman Bob Schillerstrom announced he will not run for Illinois treasurer. 

Schillerstrom said his decision comes out of an effort to help the Republicans hang on to the office by saving the party from an expensive and contentious primary.

When Schillerstrom announced the formation of an exploratory committee back in June, he said his years of experience with the DuPage County budget would help him increase investments for the state while maintaining spending levels.

Illinois House Republican Leader Tom Cross, who announced plans to step down from his leadership position last month, plans to make a bid for state treasurer. He is expected to announce campaign plans soon.

Other declared candidates in the race for treasurer so far include Republican DuPage County Auditor Bob Grogan and State Sen. Mike Frerichs (D-Champaign).

Current State Treasurer Dan Rutherford (R) is seeking a run in the state's 2014 gubernatorial election.