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Home > BizTimes Daily > Archives > May 1, 2007
National City to acquire MidAmerica Bank's parent company
Published May 1, 2007 - BizTimes Daily
National City Corp. has reached a definitive agreement to acquire MAF Bancorp Inc., which had acquired St. Francis Capital Corp., the former parent company of St. Francis Bank, in 2003.
Clarendon Hills, Ill.-based MAF has $11.1 billion in total assets and is the holding company for MidAmerica Bank, which operates 82 branches throughout the Chicago and Milwaukee markets. MidAmerica Bank is the 11th largest banking institution in the Chicago market with $5.7 billion in deposits and 58 branches.
The transaction also marks Cleveland, Ohio-based National City's entrance into Wisconsin. With 24 branches and $1.3 billion in deposits in Milwaukee, MidAmerica currently is the fifth-largest bank in this market.
"The acquisition of MidAmerica Bank aligns perfectly with the strategy we have articulated over the last several years. It accelerates our expansion in the attractive growth market of Chicago and provides us the opportunity to serve customers in Milwaukee for the first time," said National City chairman and chief executive officer David Daberko. "MidAmerica is a well-run institution with an exceptional branch network and a culture of superior customer service. We look forward to leveraging these strengths as we merge our franchises."
"This partnership will be good for our customers, shareholders, employees and communities," said Allen Koranda, MAF Bancorp chairman and CEO. "Joining forces with National City will greatly enhance our product and service offerings and significantly expand our delivery channels. Our customers will benefit from National City's full suite of products and services, including expanded corporate banking, wealth management and mortgage banking services and greatly enhanced consumer and small business products and services, including credit card, online banking and bill pay services and an industry leading customer rewards program, points from National City."
