BOWLING GREEN, Ohio -- Mid Am Inc. said it signed a letter of intent to acquire Colonial Federal Savings Bank, Bellefontaine, Ohio.

Colonial Federal, which has $83 million in assets, is slated to merge with American Community Bank, known as Americom Bank, a Mid Am affiliate that will have $330 million in assets after pending mergers are completed.

Mid Am agreed to pay stock equal to $55 per Colonial share. All 28 Colonial Federal employment will become employees of Americom, and Colonial Federal directors will become directors of Americom, said Mid Am, which has $1.8 billion in assets including the pending acquisitions.

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