National City's acquisition of MAF Bancorp moves bank into new markets

By Lisa Kerner

Charlotte, N.C., Sept. 4 - National City Corp. completed its acquisition of MAF Bancorp, Inc. on Sept. 1. MAF is the parent company of MidAmerica Bank based in Clarendon Hills, Ill.

"The acquisition of MidAmerica Bank aligns perfectly with the strategy we have articulated over the last several years," National City president and chief executive officer Peter E. Raskind said in a company news release.

"It accelerates our expansion in the attractive growth market of Chicago and marks our retail entry into Milwaukee."

The acquisition gives MidAmerica customers access to some 1,400 branches and 2,200 ATMs in Ohio, Florida, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania and Wisconsin, including 123 branches in Chicago and 24 in Milwaukee.

Conversion of MidAmerica business systems to Cleveland-based National City's platform will be completed in the first quarter of 2008.

It was previously reported that each MAF Bancorp shareholder will receive 1.9939 shares of National City common stock for each share of MAF Bancorp common stock, with cash paid in lieu of any fractional shares. 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.

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