CLARENDON HILLS, Ill. - MAF Bancorp announced Thursday that it has agreed to acquire Chicago-based Mid Town Bancorp Inc. in a deal valued at $69 million.
About $55 million of the purchase price would be paid in cash and the balance in stock.
Acquiring $322 million-asset Mid Town would give MAF entry into the city's North Side. Jerry A. Weberling, MAF's executive vice president and chief executive officer, said his company is eager to move into Mid Town's four branches in "vibrant banking areas" near Lake Michigan.
MAF, with $5.3 billion of assets, bought $1.1 billion-asset Northwestern Savings Bank in Chicago five years ago but operates primarily in the northwestern suburbs.
The deal is expected to close in the fourth quarter.