CHICAGO - PNA Holding Co., the parent of Alliance FSB in Niles, Ill., said last week that it has a deal to buy PS Financial Inc. of Chicago for $18 million.
PNA Holding, with $576 million of assets, is a subsidiary of the Polish National Alliance of the United States of North America, a fraternal benefit life insurance company. Alliance FSB has assets of $329 million.
PS Financial is the $112 million-asset parent of Preferred Savings Bank, which has one branch in Chicago's South Side. The deal, expected to close in the third quarter, would be PNA's first in the city. PS Financial shareholders are to receive $14 in cash for each share.