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Northwest Suburban shareholders OK merger with Midwest
By Lisa Kerner
Charlotte, N.C., Sept. 14 - Northwest Suburban Bancorp, Inc. shareholders' approval of the company's acquisition by Midwest Banc Holdings, Inc. moves the merger one step closer to completion.
The vote, held Sept. 12, was 87% in favor of the deal.
The transaction is expected to close on Oct. 1. Mount Prospect National Bank will then be merged into Midwest Bank and Trust Co., creating a 29-branch bank with more than $3.5 billion in assets, a company news release stated. The acquisition will make Midwest Bank the 18th-largest bank in the Chicago area, based on deposits.
"Joining the Midwest Bank team will allow us to enhance services to our customers by providing greater credit services and offering high-quality trust and investment services, to name a few," Northwest Suburban chairman and chief executive officer John G. Eilering said in the release. Eilering, a founder of Northwest Suburban, will become the area president, Northwest, of Midwest Bank.
"Expanded coverage and depth of services, as a result of our combined organizations, will further our goal of becoming a supercommunity banking organization serving the Chicago area," Midwest Bank president and CEO James J. Giancola added.
The companies' March 23 agreement calls for Midwest Banc to acquire Northwest Suburban in a cash and stock transaction valued at $139.8 million.
It was previously reported that Northwest Suburban shareholders will receive $42.75 per share, payable in cash or Midwest Banc Holdings stock at each holder's option.
Midwest Banc Holdings, based in Melrose Park, Ill., is the bank holding company for Midwest Bank and Trust.
Northwest Suburban is the parent of Mount Prospect National Bank, which operates in and around Chicago.
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