In Brief: Ohio's Mid Am Building a Finance Company

Mid Am Inc. has agreed to acquire Simplicity Mortgage Consultants Inc. of Marion, Ind., and plans to form Mid Am Financial Services Inc., a consumer-finance subsidiary.

Simplicity, a mortgage brokerage company specializing in subprime loans, would be operated as a subsidiary of Mid Am Financial under its own name.

Mid Am Financial would be based in Indianapolis and would concentrate on residential lending nationwide. The transaction is expected to be completed in December 1996.

David R. Francisco, president of Mid Am Inc., said the deal and plan for the new unit "continues to build on our corporate strategy of developing additional fee-based businesses."

Mid Am Inc. is a $2.1 billion financial services holding company based in Bowling Green, Ohio. It has banking affiliates in Ohio and Michigan and other businesses in Michigan, Ohio, and Florida.

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