A planned acquisition by State Financial Services Corp. of Hales Corners, Wis., is raising eyebrows among analysts.

The $828 million-asset banking company said last month that it would buy First Waukegan Corp. in Illinois for $28 million in cash. The deal, which is expected to close in the third quarter, came three months after State Financial bought $386 million-asset Home Bancorp of Elgin (Ill.) for $99 million of stock.

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