CHICAGO - St. Paul Bancorp said it agreed to buy Elm Financial Services Inc., for about $49.1 million, or $22.45 a share.

The buyer's chief subsidiary, St. Paul Federal, is the largest independent thrift headquartered in Illinois, with assets of $3.6 billion. Elm is the holding company for Elmhurst Federal Savings Bank, which has eight banking facilities with assets of $380 million.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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