Chicago-based Mutual Federal Bank and Pulaski Savings Bank will merge early next year.
The combined savings association will have $150 million in assets and $19 million in equity with two Chicago locations. Mutual Federal is expected to be the surviving institution and retain its mutual holding company ownership.
The price of the deal was not disclosed. The merger is expected to close in the first quarter of next year.
Mutual Federal President Stephen Oksas said Pulaski and Mount Federal “have a similar culture and take pride in our long traditions of outstanding customer service and community involvement.”
Chicago-based law firm Vedder Price P.C. was legal counsel for Mutual Federal Bank, its holding company Mutual Federal Bancorp Inc. and Mutual Federal Bancorp’s owner, Mutual Federal Bancorp, MHC. Milwaukee-based law firm Godfrey & Kahn, S.C. acted as a legal counsel for Pulaski Savings Bank. Financial advisory services were provided by Arlington, Va.-based RP Financial LC.
