Article: Calumet Bancorp, Inc. Announces Developments in Pending Merger.

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 ...

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