Days before a showdown proxy vote at Damen Financial Corp., the Chicago-area community bank has agreed to sell itself to a closely held neighbor.

Chicago-based MidCity Financial Corp. said it would pay $51.9 million in cash for $220 million-asset Damen of Schaumburg, Ill. Damen stockholders are to get $18.35 per share.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.