CHICAGO -- Mid-Citco Inc. said it has signed a letter of intent to acquire Peoples Federal Savings and Loan Association, a $35 million-asset Chicago institution.

The $1.4 billion-asset Mid-Citco said the terms of the proposed acquisition call for the holders of Peoples Federal common stock to exchange each share of their stock for $19 in cash. MidCitco has committed to acquire 100% of Peoples Federal's outstanding shares.

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