MB Financial Inc. in Chicago announced Friday that it plans to buy $218 million-asset FSL Holdings Inc. in suburban South Holland, Ill., for $41.3 million of cash.

MB Financial, with $1.5 billion of assets, would pay FSL stockholders $165 for each outstanding share. FSL’s First Savings and Loan Association of South Holland would be merged into MB Financial’s Manufacturers Bank.

The deal is expected to close in the second quarter and would be MB Financial’s fourth in the past six years. The company said the deal’s closing would boost its presence in the southern suburbs of Chicago.

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