DEERFIELD, Ill. - Deerbank Corp. said it has completed a common stock offering in connection with its acquisition of Northern Federal Savings Bank, Marengo, Ill.

In the merger-conversion transaction, Northern Federal converted from the mutual to stock form of ownership in preparation for takeover.

Deerbank, the parent of Deerfield Federal Savings and Loan with $785 million in assets, then sold 94,780 shares of its own shares at $36.40 a share in a subscription and community offering in the Marengo area.

Net proceeds of $2.9 million were applied to general corporate purposes.

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