DETROIT - NBD Bancorp said it has completed its acquisition of Amerifed Financial Corp. of Joliet, Ill.
The acquisition, announced last March, adds $910 million of assets, 10 offices, and the largest market share in Will County to NBD's presence in southwest Chicago.
The transaction, valued at approximately $148 million, will be accounted for as a purchase.
Under terms of the definitive agreement, NBD will issue 1.597 shares of common stock for each outstanding shares of Amerifed common. NBD will have repurchased an equivalent number of its common shares at or soon after the closing of the acquisition.
NBD Bancorp is the parent company of two metropolitan Chicago banks with total assets of more than $6 billion and 52 offices.