An Iowa savings bank already in a definitive agreement to sell is considering a new $1 million-higher offer from a Chicago investment firm.

Iowa Bancorp, a $25 million-asset company that owns Iowa Savings Bank, agreed in August to be purchased for $8 million by First Midwest Financial Inc., Storm Lake, Iowa.

But this month Chiplease Inc., which holds a 9.91% stake in Iowa Bancorp, offered $9 million in cash for the rest of company.

"We're taking a look" at the new offer, said Iowa Bancorp president and chief executive Jeanne Partlow.

Philip Curley, a Chicago attorney representing Chiplease, a telecommunications leasing company and erstwhile bank investor, said Iowa Bancorp could withdraw from the First Midwest agreement if it received another offer more beneficial to shareholders.

Chiplease - which coincidentally owns 1% of First Midwest - does not intend to change Iowa Bancorp's management if it acquires the company, Mr. Curley said.

James Haahr, chairman, president and chief executive of $260 million- asset First Midwest, said he would not comment on the Chiplease offer.

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