The purchase last fall of venerable Mid Town Bank (MTB) by MAF Bancorp (MAF) has now been completed and all four of Mid Town’s North Side branches now sport new signs to go along with the new management.
The merger will bring MAF’s Mid America Bank into the deposit- and loan-rich Lincoln Park, Bucktown and Lake View market areas starting Tuesday. Of their current 34 locations, this is MAF’s first exposure to the lucrative in-city market areas along Chicago’s north lakefront.
“Joel Zemans [MTB’s outgoing CEO], his management teams and board have built a quality organization in the heart of some of the finest banking areas in Chicago,” said Allen Koranda, CEO of MAF. “We are pleased that they have provided us with the opportunity to build upon their strong franchise. This acquisition allows us to continue the expansion of our Chicago region in neighborhoods conducive to our strategies.”
Long a fixture in the community, the sale of the privately held MTB was closed last November by Clarendon Hills-based MAF for $69.5 million in cash and stock in their publicly-traded holding company. Following the merger MAF now has total assets of $5.6 billion and total deposits of $3.5 billion. Mid Town reported assets of $322 million and deposits of $283 million prior to the sale.
To facilitate the conversion, all four Mid Town bank locations closed at 2 p.m. last Friday and re-opened Tuesday as Mid America Bank branches. MAF expects to achieve significant cost savings following the integration of the two organizations; these savings came through elimination of some jobs due to duplication of duties.
MTB customers received a detailed mailing regarding the merger in January, and other concerns over the disposition of bank accounts and MAF’s new management will be taken by customer service representatives at (708) 410-4444.
Founded in 1922, Mid America Bank established itself in the near western suburbs and dedicated itself to promoting thrift and home ownership. By 1990 MAF had grown to serve 17 separate communities and went public with its stock being listed on the NASDAQ Stock Market under the symbol MAFB.
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