By Lisa Kerner
Charlotte, N.C., March 23 - Midwest Banc Holdings, Inc. will acquire Northwest Suburban Bancorp., Inc. in a cash and stock transaction valued at $139.8 million.
Northwest Suburban will merge into Midwest Banc Holdings, and Northwest Suburban's subsidiary, Mount Prospect National Bank, will merge into Midwest Bank and Trust Co.
Northwest Suburban shareholders will receive $42.75 per share, payable in cash or Midwest Banc Holdings stock at each holder's option.
The transaction is expected to close in late 2007, pending regulatory and shareholder approvals, according to a company news release.
Northwest Suburban's board of directors and senior officers, controlling some 18% of the company's outstanding shares, have committed to vote in favor of the deal.
John G. Filtering, chairman and chief executive officer of Northwest Suburban, will become area president of Northwest of Midwest Bank, and Steven Marko will become an executive vice president of Midwest Bank.
Midwest Banc Holdings, based in Melrose Park, Ill., is the bank holding company for Midwest Bank and Trust Co.
Northwest Suburban is the parent of Mount Prospect National Bank, which operates in and around Chicago.
| Acquirer: | Midwest Banc Holdings, Inc.
|
| Target: | Northwest Suburban Bancorp, Inc.
|
| Transaction value: | $139.8 million
|
| Payment per share: | $42.75 in cash or Midwest Bancorp stock
|
| Termination fee: | $5.6 million
|
| Announcement date: | March 23
|
| Expected closing: | Late 2007
|
| Stock price for acquirer: | Nasdaq: MBHI; $19.16 on March 22
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