Getting your Trinity Audio player ready...
Suburban bank deal: MAF Bancorp Inc. agreed to buy Westco Bancorp Inc. for $84.3 million in stock, as the community bank tries to boost market share and cut costs. Clarendon Hills-based MAF will exchange 1.395 shares for each share of Westchester-based Westco. Based on MAF’s closing price Friday of $22.12, the transaction is valued at about $30.68 per Westco share. Shares of MAF fell 12 cents to $22 in midmorning trading, while Westco rose $1.25 to $28.25. Westco also gave MAF an option to purchase shares equal to 19.9 percent of its outstanding common stock.
