WASHINGTON -- St. Paul Bancorp Inc. of Chicago said it raised its stake in Elm Financial Services Inc. to the equivalent of 23%, or 626,607 common shares.

In a Securities and Exchange Commission filing, St. Paul Bancorp said it bought 74,100 additional shares between July 7 and Sept. 8 for $20.25 to $21.45 a share.

St. Paul said its stake includes 542,107 shares that it has a right to acquire under an option agreement. The shares represent 19.9% of Elm's outstanding common stock.

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