DEERFIELD, Ill. -- Deerfield Federal Savings and Loan Association said it agreed to acquire Northern Federal Savings Bank, Marengo, Ill., for an undisclosed amount.
Northern Federal, a mutual institution with about $750 million in assets, will be converted to the stock form of ownership before merging, the companies Said.
Deerfield, which has $530 million in assets, is owned by Deerbank Corp.
Separately, Deerbank declared a special dividend of 30 cents a share in addition to its regular quarterly payout of 20 cents. Both are payable Jan. 14 to shareholders of record Jan. 7.