National City to buy MAF Bancorp for $1.9 bln

National City Corp., the eighth-largest U.S. bank, said on Tuesday it will buy MAF Bancorp Inc. for $1.9 billion in stock, fulfilling a long-held goal of expanding in the Chicago area, and entering Wisconsin for the first time.

MAF shareholders will receive $56 per share, a 39.5 percent premium over the company's Monday closing price of $40.15 on the Nasdaq.

MAF, the parent of MidAmerica Bank, has $11.1 billion of assets and 82 banking offices in Chicago, Milwaukee and surrounding areas. It is the 11th-largest bank in the Chicago area with $5.7 billion of deposits and 58 branches.

Read Full Article from Reuters

- Posted: 2007-05-01 09:57:17

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