Another Ohio-based banking company has decided that Chicago is the place to be.

Charter One Financial Corp. of Cleveland said Tuesday that it has agreed to buy Alliance Bancorp, which is based in the Chicago suburb of Hinsdale, in a $241 million cash and stock transaction that would make it Chicago's sixth-largest banking company, leapfrogging Citigroup. Charter One already has 58 branches in the area and has pinned its growth plans on the market. "We knew … that our products and services were ideally suited to this market," said Charles J. Koch, chairman and chief executive officer, adding that the company has been looking for ways to boost its management team and marketing efforts in Chicago.

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