Marquette National Corp. of Chicago has agreed to buy Hemlock Federal Financial Corp. of Oak Forest, Ill., for about $51.3 million in cash.
The deal, announced last week, is expected to close next quarter.
Marquette has 20 branches in Chicago and its southwest suburbs. The $292 million-asset Hemlock has two branches in Chicago and one in each of the suburbs of Oak Forest, Oak Lawn, Lemont, and Bolingbrook.
The price is about 2.1 times Hemlock's book value.
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