MayDay
05-02-2007, 01:41 PM
It keeps growing and growing...
From crainscleveland.com:
National City to buy Ill.-based bank
9:15 am, May 1, 2007
National City Corp. (NYSE: NCC) has cut a deal that significantly would expand its presence in Chicago and would give it entry into the Milwaukee market.
National City has reached a definitive agreement to acquire MAF Bancorp Inc. (Nasdaq: MAFB), which is based in Clarendon Hills, Ill., and is the holding company for MidAmerica Bank.
National City plans to pay $56 a share in National City stock for each share of MAF. National City values the tax-free transaction at $1.9 billion. It expects to complete the deal in the fourth quarter.
MidAmerica Bank operates 82 branches throughout Chicago, Milwaukee and surrounding areas. It is the 11th largest banking institution in the Chicago market, with $5.7 billion in deposits and 58 branches.
Upon completion of the transaction, National City would have 126 branches in the Chicago market and deposits of more than $10 billion there, which would make it the fourth-largest bank in that market.
The transaction also would mark National City's entrance into Wisconsin. With 24 branches and $1.3 billion in deposits in Milwaukee, MidAmerica currently is the fifth-largest bank in that market.
"The acquisition of MidAmerica Bank aligns perfectly with the strategy we have articulated over the last several years,” National City CEO David Daberko said in a statement. “It accelerates our expansion in the attractive growth market of Chicago and provides us the opportunity to serve customers in Milwaukee for the first time."
"MidAmerica is a well-run institution with an exceptional branch network and a culture of superior customer service,” Mr. Daberko said. “We look forward to leveraging these strengths as we merge our franchises."
From crainscleveland.com:
National City to buy Ill.-based bank
9:15 am, May 1, 2007
National City Corp. (NYSE: NCC) has cut a deal that significantly would expand its presence in Chicago and would give it entry into the Milwaukee market.
National City has reached a definitive agreement to acquire MAF Bancorp Inc. (Nasdaq: MAFB), which is based in Clarendon Hills, Ill., and is the holding company for MidAmerica Bank.
National City plans to pay $56 a share in National City stock for each share of MAF. National City values the tax-free transaction at $1.9 billion. It expects to complete the deal in the fourth quarter.
MidAmerica Bank operates 82 branches throughout Chicago, Milwaukee and surrounding areas. It is the 11th largest banking institution in the Chicago market, with $5.7 billion in deposits and 58 branches.
Upon completion of the transaction, National City would have 126 branches in the Chicago market and deposits of more than $10 billion there, which would make it the fourth-largest bank in that market.
The transaction also would mark National City's entrance into Wisconsin. With 24 branches and $1.3 billion in deposits in Milwaukee, MidAmerica currently is the fifth-largest bank in that market.
"The acquisition of MidAmerica Bank aligns perfectly with the strategy we have articulated over the last several years,” National City CEO David Daberko said in a statement. “It accelerates our expansion in the attractive growth market of Chicago and provides us the opportunity to serve customers in Milwaukee for the first time."
"MidAmerica is a well-run institution with an exceptional branch network and a culture of superior customer service,” Mr. Daberko said. “We look forward to leveraging these strengths as we merge our franchises."
