CHICAGO - Boosting its Chicago franchise, Michigan's Old Kent Financial Corp. on Tuesday agreed to buy a $534 million-asset bank operating in the Windy City's western suburbs.

Old Kent, based in Grand Rapids, said it would purchase EdgeMark Financial Corp., Countryside, Ill., in a stockswap transaction valued at $62 million. The price equals 1.87 times EdgeMark's book value and 15.3 times its annualized earnings for the first nine months.

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