An investor group has agreed to buy Midland Capital Holdings in Bridgeview, Ill.
Midfed Acquisition will pay $31 to $32.50 a share in cash for the parent company of the $118 million-asset Midland Federal Savings and Loan Association. The deal is expected to close in the first or second quarter.
The purchase price is subject to adjustment based on the bank’s capital at closing.
Midfed Acquisition includes certain bank executives and investors.
“We wish to thank the current board … of Midland Federal for the opportunity to expand on the Midland Federal legacy,” Kurt Fuchs, the investor group’s president, said in a press release.
“We are committed as equally as Midland Federal is to the customers and employees, and our investment in the bank will allow us to expand products … enhance technology and enhance community convenience while maintaining an exceptional customer experience,” he added.
Midland Capital was advised by Hovde Group and Luse Gorman. Midfed Acquisition was advised by Bank Advisors and Barack Ferrazzano Kirschbaum & Nagelberg.