Holding company shareholders approve acquisition of MidAmerica Bank by National City

By Lisa Kerner

Charlotte, N.C., Aug. 23 - MAF Bancorp, Inc. stockholders approved the company's merger agreement with National City Corp. at a special meeting on Wednesday.

Under the May 1 agreement, MAF Bancorp stockholders will receive shares of National City common stock in a tax-free exchange valued at $56 per share, or $1.9 billion. The exchange ratio for each share of MAF Bancorp stock will be determined by dividing $56 by the average closing price of National City's common stock for the 20 trading days immediately preceding Federal Reserve Board approval of the merger.

National City and MAF expect to close the deal once all closing conditions are met, including approval from the Federal Reserve Board, a company news release stated.

It was previously reported that the completed transaction will give National City 126 branches in the Chicago market and deposits of more than $10 billion. MidAmerica Bank customers will have access to a more extensive banking network, including more than 1,400 branches in Ohio, Florida, Illinois, Indiana, Kentucky, Michigan, Missouri and Pennsylvania.

National City is a financial holding company based in Cleveland.

MAF Bancorp is the parent company of MidAmerica Bank, a federally chartered stock savings bank based in Clarendon Hills, Ill.

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