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.

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