Hemlock Federal Financial Corp., Oak Forest, Ill., agreed this week to buy Midwest Savings Bank, Bolingbrook, Ill. - much to the astonishment of its largest shareholder, who recently made a bid to buy the company.

John H. Daly, president of Tara Enterprises, a Chicago investment fund, offered Hemlock's board at least $16.50 per share in a "friendly" offer two weeks ago. Tara owns 9.9% of Hemlock, a $221 million-asset thrift with four branches in suburban Chicago.

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