Charter One Financial Inc. to acquire Alliance Bancorp for 1.58 times revenue
Weekly Corporate Growth Report, Feb 12, 2001
The Deal: Charter One Financial Inc. has agreed to purchase Alliance Bancorp for $245 million in cash and stock. The transaction will make Charter One the sixth-largest bank in the Chicago market.
Discussion: Alliance Bancorp is the holding company for Liberty Federal Bank, which has 19 offices in Chicago and in Illinois' Cook and DuPage counties. The bank primarily originates single-family residential mortgages, which it sells on the secondary market; other real estate loans comprise 30 percent of the portfolio. It also makes commercial, home equity and consumer loans. Deposit products include savings, NOW and money market accounts. Subsidiary INVEST Financial provides financial advice and security brokerage services. Alliance Bancorp also owns Preferred Mortgage Associates, a Chicago mortgage broker with three offices.
Charter One Financial Inc. is a holding company whose main subsidiary, Charter One Bank, operates more than 400 branches in Illinois, Massachusetts, Michigan, New York, Ohio and Vermont. Targeting individuals and small to midsized businesses, the bank offers savings, checking and money market accounts, as well as CDs. Lending is focused on one- to four-family residential mortgages, but also includes multifamily mortgage, commercial real estate, business and consumer loans. Subsidiaries of Charter One Bank provide mortgage banking, equipment leasing, brokerage services, auto financing and insurance products.
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