Citizens Financial Services, Munster, Ind., plans to convert to a stock company and then acquire its way into Illinois.

The $747 million-asset thrift said it intends to go public during the third quarter, then use its new shares to acquire $433 million-asset SuburbFed Financial Corp., Flossmoor, Ill. Citizens would exchange $36 worth of its stock for each share of SuburbFed-a deal totaling $46.5 million.

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