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Article: St. Paul of Chicago Joins the Game With $170 Million Takeover Deal.
- Article from:
- American Banker
- Article date:
- March 17, 1998
- Author:
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St. Paul Bancorp of Chicago announced its first acquisition agreement in five years, a $170 million stock deal for Beverly Bancorp. of Tinley Park, Ill.
St. Paul, a thrift company that is vying for market share against major commercial banks in a rapidly consolidating region, is paying a relatively modest 2.3 times book value and 24 times 1997 earnings for Beverly.
The parent of St. Paul Federal Bank for Savings was especially keen on acquiring commercial banking and trust skills, said St. Paul chief financial officer Robert N. Parke. "We'll become very, very much like a bank," he said. "We'll learn as much from them as they learn from us."
The ...