I heard 'em called Chicago's Fugazi, but I don't think they're all that similar.
So Naked Raygun goes kaput, John Haggerty (guitar) gets together with his brother, Joe (recently split from his band, Effigies) to form Pegboy. In '90 they put out a remarkable pair of records that were ultimately joined for the CD release Strong Reaction/Three Chord Monte. Tremendous music. I don't think their second album, Earwig, or their other EP, Fore! (even though Albini played on it), ever held up to these two.
Still one of Chicago's greatest bands. And Joe Haggerty is a damn good plumber.
Title track from Strong Reaction:
Probably my favorite of their songs. The best punk instrumental ever: