Olney Bancshares Inc. in Texas struck a deal Monday to acquire Union Bank of Oklahoma City for $76.9 million in cash from MB Financial Inc., an $8 billion-asset multibank holding company in Chicago.
MB Financial said selling the $419 million-asset Union would allow it to focus on MB Financial Bank, which has 66 branches in the Chicago area. MB Financial also announced plans to double its stock repurchase program, to 2 million shares.
The Union purchase would be Olney's third in Oklahoma in the last two years. In 2005 it purchased $406 million of assets and five branches from Gold Banc Corp. Inc. of Leawood, Kan. In January, Olney acquired the $160 million-asset InterBank in Elk City, Okla.
The $1.2 billion-asset Olney now has eight subsidiaries in Texas and two in Oklahoma. The deal for Union is expected to close within four months.
