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Mutual Federal Bank, the owner of Mutual Federal Bancorp (OTCPK:MFDB), is planning to merge with Pulaski Savings Bank, an Illinois-chartered mutual savings bank, the companies said on Friday.
The combined savings association would have assets of about $150M and equity of $19M, operating from two locations in Chicago, Illinois.
Upon the successful completion of the merger, Pulaski will merge with and into Mutual Federal (OTCPK:MFDB), and Mutual Federal will continue as the surviving institution and will retain its mutual holding company form of ownership. The boards of Pulaski and each of the Mutual Federal entities have approved the merger.
The move will allow the combined savings association to offer enhanced benefits such as increased lending capacity and office locations. And the resulting bank’s capacity and presence will be bolstered in the Chicago marketplace.
The deal is expected to close in Q1 2025. Financial terms of the transaction were not disclosed.
