(MENAFN- PR Newswire)
BRIDGEVIEW, Ill., Sept. 20, 2024 /PRNewswire/ -- Midland Capital Holdings Corporation (the "Company") (OTC Pink Marketplace: "MCPH"), the holding company of Midland federal Savings and Loan Association ("Midland Federal" or the "Bank"), a federal savings and loan association headquartered in Bridgeview, Illinois, has been acquired by Midfed Acquisition Corp., a corporation headed by experienced bank executives and investors. The per share merger consideration is $31.65 and as of the effective date MCPH shares have stopped being quoted on the OTC Pink Market.
Midland Federal operates from four full service locations in Bridgeview, Homer Glen and Chicago, Illinois. As of June 30, 2024, the Company had $114.9 million in total assets and total equity capital of $10.4 million.
Kurt Fuchs, the President of Midfed Acquisition Corp., stated, "We wish to thank the current Board of Directors of Midland Federal for the opportunity to expand on the Midland Federal legacy. We are committed to Midland Federal's customers and employees, and our investment in the Bank will allow us to increase the products and services offered by the Bank, enhance technology and enhance community convenience, while maintaining an exceptional customer experience. The management
team lead by Joe Kirkeeng, President and Chief Executive Officer and Scott Hamer, Chief Financial Officer, bring decades of industry and local market experience to the organization."
Paul Zogas, Chief Executive Officer of the Company and the Bank, said, "We believe that Midfed Acquisition Corp.'s investment in the Bank will expand on the product offerings for our customers and community. Our customers will continue to see the same friendly faces they have always seen at Midland Federal. This is an exciting time for Midland Federal, our customers and the communities we serve."
Midland Capital Holdings Corporation and Midland Federal are being advised by Hovde Group, LLC as financial advisor and Luse Gorman, PC as legal counsel. Midfed Acquisition Corp. is being advised by Bank Advisors, Ltd. as financial advisors and Barack Ferrazzano Kirschbaum & Nagelberg LLP as legal counsel.
About Midland Capital Holdings Corporation and Midland Federal Savings and Loan Association
Midland Capital Holdings Corporation has served as the holding company of Midland Federal Savings and Loan Association since 1998. Midland Federal has operated continuously in the Chicago metropolitan area since its founding in 1914. Midland Federal conducts its business from its four full-service offices in Bridgeview, Homer Glen and Chicago, Illinois.
SOURCE Midland Capital Holdings Corporation
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