Midwest Banc Holdings Inc. of Melrose Park, Ill., is looking for a buyer and a new chief executive officer.
The $3.6 billion-asset company, whose capital is tight despite an $85 million government infusion, confirmed that it has hired an executive search firm to find a CEO, only a few months after a management shake-up, according to a report Thursday by Crain's Chicago Business.
Jay Fritz had succeeded James J. Giancola as president and chief executive officer in January. Fritz had been an executive vice president for the compan previously.
He told Crain's that he would remain with the company in a senior management role after a new chief executive officer is found.
The parent of Midwest Bank and Trust Co. also confirmed that it has hired the investment bank Fox-Pitt Kelton Cochran Caronia Waller LLC to "explore strategic alternatives" to find ways to raise additional capital, including a stock offering or sale of the company.
Midwest sold $85 million in preferred shares to the Treasury Department in December through the Troubled Asset Relief Program.