|By PR Newswire||
|March 20, 2014 02:12 PM EDT||
AURORA, Ill. and SYCAMORE, Ill., March 20, 2014 /PRNewswire/ -- Auto Club Trust, FSB ("ACT") and American Midwest Bank ("AMB") announced today the signing of a definitive agreement under which ACT will acquire all of the outstanding capital stock of National Bancorp, Inc. ("NBI"), the holding company for AMB. In connection with this transaction, NBI will be merged into its wholly owned subsidiary, ("AMB"), which subsequently will be merged into ACT.
ACT is a federally chartered savings association headquartered in Dearborn, Michigan, with branch offices in Omaha, Nebraska and Dearborn. It is a subsidiary of The Auto Club Group ("ACG") and its property-casualty insurance affiliate, Auto Club Insurance Association, which together provide a broad range of membership, P&C insurance, life insurance, and financial services offerings to approximately 9 million AAA members and insureds in Florida, Georgia, Illinois, Indiana, Iowa, Michigan, Minnesota, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico, and the U.S. Virgin Islands.
NBI is the bank holding company for AMB, which is an Illinois chartered commercial bank headquartered in Sycamore, Illinois, and has offices in Cook, DeKalb, Kane, and Lake Counties, Illinois. AMB offers a full array of lending, deposit, investment, trust and other services to the individuals and businesses in the communities it serves.
The transaction facilitates ACG's expansion of its banking operations in Illinois and enhances its capabilities for growing its financial services offerings throughout its entire footprint over time. It is expected to close during the third quarter of 2014, subject to applicable legal and regulatory approvals.
Chuck Podowski, ACG President and CEO, said, "We are delighted to welcome NBI and AMB into the ACG family. They have an excellent reputation, are financially sound, and have a strong management team with a vision and core values in line with our own. We are excited to partner with them to expand the scope of our financial services offerings into Illinois and, longer term, across our enterprise footprint."
Richard Willey, AMB President and CEO, said, "We are very pleased to become part of ACG through our merger with ACT. AAA is a highly regarded brand with a longstanding commitment to serving the needs of its local communities. The transaction enables us to offer greater capabilities and resources to our customers in the Greater Chicago area and beyond."
MDI Investments, Inc. and Faegre Baker Daniels LLP served as financial advisor and outside legal counsel, respectively, to NBI in connection with the acquisition. Navigant Capital Advisors served as financial advisor to ACT.
SOURCE Auto Club Group
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