Commercial Federal Corp. of Omaha has announced plans to buy Midland First Financial Corp. of Lee's Summit, Mo., for $83 million in cash.
Midland First is the $397 million-asset parent of Midland Bank, which has eight branches in the Kansas City area.
The deal, announced late Friday, is expected to close in early 1999. Commercial Federal would then have assets of more than $12 billion and 251 branches in nine states.
"The acquisition expands our presence in the very attractive Kansas City market," said William A. Fitzgerald, Midland's chairman and chief executive officer.
Troubled by bad commercial real estate loans, Midland Bank was taken over in June 1993 by Midwest Independent Bank, the Jefferson City, Mo., bankers' bank. In January 1994, Midwest Independent hired Thomas H. Brouster, also chairman of Pioneer Bank and Trust Co. in Maplewood, Mo., as president.
Last December Mr. Brouster formed the holding company, which bought Midland Bank from Midwest Independent for about $18 million.