A family-owned Chicago-area banking company said it has a deal to buy Calumet Bancorp of Dolton, Ill., for $111.6 million in cash.

FBOP Corp., a $3.3 billion-asset privately held company based in Oak Park, Ill., agreed to pay $36 per share. The deal, expected to close in the first quarter, is valued at 1.15 times Calumet's book value and 16.3 times estimated earnings per share for 1998.

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.