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Article: Calumet Bancorp, Inc. Announces Developments in Pending Merger.
- Article from:
- PR Newswire
- Article date:
- November 24, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DOLTON, Ill., Nov. 23 /PRNewswire/ -- Calumet Bancorp, Inc. (Nasdaq: CBCI) announced today that it had received a letter from FBOP Corporation requesting a reduction of $4.0 million in the purchase price specified in the September 9, 1998 Agreement and Plan of Merger (the "Merger Agreement") under which FBOP would acquire Calumet for a total purchase price of $111.6 million (less expenses).
According to Calumet, the letter from FBOP was purportedly occasioned by FBOP's concerns over the valuation of a certain Calumet investment in a partnership that holds and administers purchased mortgage servicing rights. Valuation of this investment has been lowered in ...