Exchange ratio announced for National City, MAF Bancorp merger

By Lisa Kerner

Charlotte, N.C., Aug. 29 - The exchange ratio for the merger of National City Corp. and MAF Bancorp, Inc. has been determined following the Federal Reserve Board's approval of the deal.

Each MAF Bancorp shareholder will receive 1.9939 shares of National City common stock for each share of MAF Bancorp common stock. Cash will be paid in lieu of any fractional shares, a company news release stated.

Conversion of MidAmerica Bank's business systems to National City's platform is expected to be completed in the first quarter of 2008.

On Aug. 23, MAF Bancorp stockholders approved the May 1 merger agreement. The transaction is valued at $1.9 billion, or about $56 per share.

It was previously reported that the completed transaction will give National City 126 branches in the Chicago market and deposits of more than $10 billion. MidAmerica Bank customers will have access to a more extensive banking network, including more than 1,400 branches in Ohio, Florida, Illinois, Indiana, Kentucky, Michigan, Missouri and Pennsylvania.

National City is a financial holding company based in Cleveland.

MAF Bancorp is the parent company of MidAmerica Bank, a federally chartered stock savings bank based in Clarendon Hills, Ill.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.