MIDLAND CAP HLDGS CORP - MCPH STOCK NEWS

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Midland Capital Holdings Corp. operates as the holding company for Midland Federal Savings and Loan Association, offering various banking products and services to individuals and businesses. They provide a range of account options such as checking, savings, certificates of deposit, and more. Moreover, their loan products include consumer, business, home mortgage, and home equity loans. The company also offers insurance products, investment services, real estate tax, and land trust services. Recently, the company has entered an agreement with Midfed Acquisition Corp. for acquisition, aiming to expand product offerings and enhance customer experience.

09/20/2024 04:15 PM

News

Midland Capital Holdings Corporation Acquired by Investor Group

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Midland Capital Holdings (OTC Pink: MCPH), the holding company of Midland Federal Savings and Loan Association, has been acquired by Midfed Acquisition Corp, a group led by experienced bank executives and investors. The merger consideration is $31.65 per share, and MCPH shares have ceased trading on the OTC Pink Market. As of June 30, 2024, Midland Federal had $114.9 million in total assets and $10.4 million in total equity capital.

The acquisition aims to expand product offerings, enhance technology, and improve community convenience while maintaining customer experience. Midland Federal's current management team, including Joe Kirkeeng (President and CEO) and Scott Hamer (CFO), will continue to lead the organization. The acquirers express commitment to Midland Federal's customers and employees, emphasizing their intention to build upon the bank's legacy.

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Midland Capital Holdings Corporation Reaches Definitive Agreement to Be Acquired by Investor Group

Rhea-AI Summary

Midland Capital Holdings Corporation and Midland Federal Savings and Loan Association have reached an agreement to be acquired by Midfed Acquisition Corp. Shareholders are estimated to receive between $31.00 and $32.50 in cash consideration for each share of Company common stock. The transaction is subject to closing conditions and is expected to close in the first or second quarter of 2024.

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FAQ

What is the market cap of MIDLAND CAP HLDGS (MCPH)?

The market cap of MIDLAND CAP HLDGS (MCPH) is approximately 11.2M.

What products and services does Midland Capital Holdings Corp. offer?

Midland Capital Holdings Corp. provides banking products like checking, savings, loans, insurance, investment services, and real estate tax services.

What recent agreement has Midland Capital Holdings Corp. entered into?

Midland Capital Holdings Corp. has recently reached an agreement with Midfed Acquisition Corp. for acquisition, aiming to expand product offerings and enhance customer experience.

Where does Midland Capital Holdings Corp. operate?

Midland Capital Holdings Corp. operates as a holding company for Midland Federal Savings and Loan Association, with offices in Bridgeview, Homer Glen, and Chicago, Illinois.

What is the financial condition of Midland Capital Holdings Corp.?

As of the latest data, Midland Capital Holdings Corp. had $117.6 million in total assets and total equity capital of $10.0 million.

What services does Midland Federal Savings and Loan Association provide?

Midland Federal Savings and Loan Association offers a variety of services, including banking products, loan products, insurance products, investment services, and real estate tax services.

Who is the President of Midfed Acquisition Corp.?

The President of Midfed Acquisition Corp. is Kurt Fuchs, who expressed commitment to expanding on the Midland Federal legacy.

Who is the Chief Executive Officer of Midland Capital Holdings Corp.?

Paul Zogas serves as the Chief Executive Officer of Midland Capital Holdings Corp. and the Bank, and he believes that the investment by Midfed Acquisition Corp. will enhance product offerings for customers.

What is the expected timeline for the proposed transaction?

The transaction is estimated to close in the first or second quarter of 2024, subject to customary closing conditions, including regulatory approvals and shareholder approval.

How is Midland Capital Holdings Corp. being advised in the acquisition?

Midland Capital Holdings Corp. and Midland Federal are advised by Hovde Group, LLC as financial advisor and Luse Gorman, PC as legal counsel.

What are Forward-Looking Statements in the news release?

Forward-Looking Statements in the news release refer to estimates of per share consideration, the anticipated closing date of the transaction, and anticipated future results of the Company and Bank.