DETROIT - NBD Bancorp completed its acquisition of Deerbank Corp. of Deerfield, Ill., for $116 million.

In a press release Monday, NBD said that under terms of the agreement, it will issue 1.409 shares of its common stock for each outstanding Deerbank common share. NBD has repurchased the stock needed to complete the acquisition.

The company said the acquisition adds $760 million of assets and 15 offices to its existing northern and northwestern Chicago branches. NBD has more than $7 billion of assets.

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