DEERFIELD, III. -- Deerbank Corp. said it has gotten required regulatory approvals for the merger-conversion of Northern Federal Savings Bank.

Northern Federal is to convert from a mutual to a stock institution and simultaneously merge with Deerbank's Deerfield Federal Savings and Loan, which has more than $500 million in assets.

Terms were not disclosed.

In connection with the merger-conversion, Deerbank is offering up to $3.45 million of common stock in a subscription offering and concurrent community offering.

Preferences Established

Shares not subscribed for will be sold in the concurrent community offering, with first preference given to subscriptions placed by Deerbank stockholders as of May 8. Second preference will be given to people living in McHenry County, Ill.

The price per share will be determined at the conclusion of the subscription and community offering.

The subscription and community offering are being managed by Community Capital Group, a division of Ryan, Beck & Co.

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