Midwest Banc Holdings Inc. in Melrose Park, Ill., said credit quality continued to deteriorate at its subsidiary bank in the fourth quarter, and warned the bank's capital ratios are expected to fall from a well-capitalized level at the end of the third quarter to undercapitalized for the fourth quarter.

The announcement was made in an updated prospectus filed with the Securities and Exchange Commission, where the $3.5 billion-asset company is offering to exchange depositary shares for common shares.

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