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Midland Capital Holdings (OTC Pink: MCPH), the holding company of Midland Federal Savings and Loan Association, has been acquired by Midfed Acquisition Corp, a group led by experienced bank executives and investors. The merger consideration is $31.65 per share, and MCPH shares have ceased trading on the OTC Pink Market. As of June 30, 2024, Midland Federal had $114.9 million in total assets and $10.4 million in total equity capital.
The acquisition aims to expand product offerings, enhance technology, and improve community convenience while maintaining customer experience. Midland Federal's current management team, including Joe Kirkeeng (President and CEO) and Scott Hamer (CFO), will continue to lead the organization. The acquirers express commitment to Midland Federal's customers and employees, emphasizing their intention to build upon the bank's legacy.
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