Shares of MAF Bancorp Inc. (Nasdaq: MAFB) skyrocketed on Tuesday after agreeing to be acquired by National City Corp. (NSYSE: NCC) for $1.9 billion.
Shares of the Clarendon Hills, Ill. Bank jumped $14.29, or $35.6 percent, to $54.44 in afternoon trading on the Nasdaq Stock Market after accepting an offer for $56 a share, which represents a 39 percent premium over its close price on Monday.
The acquisition of MidAmerica Bank aligns perfectly with the strategy we have articulated over the last sever years, said National City Chairman and CEO, David Daberko. 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.
Cleveland-based National City will gain more than $10 billion of deposits and 126 branches around Chicago and fulfill a long-held goal of expanding in that region.
The deal is expected to close in the fourth quarter.