Northwest Suburban sets meeting date for merger vote

By Lisa Kerner

Charlotte, N.C., Aug. 10 - Northwest Suburban Bancorp, Inc. will hold a special meeting of its stockholders on Sept. 12 at 4 p.m. ET to vote on the company's merger with Midwest Banc Holdings, Inc., it was announced on Friday.

Shareholders can choose to receive $42.75 per share of Northwest Suburban, payable in cash or Midwest Banc Holdings stock. However, no more than 45% of the total number of Northwest Suburban shares may be exchanged for between 2.0087 and 2.4551 shares of Midwest Banc common stock.

The companies' March 23 agreement calls for Midwest Banc to acquire Northwest Suburban 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.

As previously reported, 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. Eilering, chairman and chief executive officer of Northwest Suburban, will become area president of Northwest of Midwest Bank, and Stephen Markovits, president of Northwest Suburban, 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.

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