Midwest Banc Holdings Inc. of Melrose Park, Ill., has delayed payment of severance to James Giancola, its former chief executive, as it awaits clarification on compensation restrictions under the federal stimulus law enacted last month.

In a preliminary proxy statement filed last week, the $3.6 billion-asset company said Giancola normally would have received $481,200. "Midwest has advised Mr. Giancola that it will be unable to make this payment until it receives further guidance from the Treasury," it said in the filing.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.