Midwest Banc Holdings, Inc. Announces Completion of Onsite Regulatory Examination.
MELROSE PARK, Ill.--(BUSINESS WIRE)--May 9, 2003
As previously disclosed, on March 3, 2003, the Federal Reserve Bank of Chicago and the Illinois Office of Banks and Real Estate began a regularly scheduled examination of Midwest Banc Holdings, Inc.'s (NASDAQ:MBHI) banking subsidiaries. The examination included, among other items, a review of the Company's over-all risk management, lending and credit review practices. The regulators have completed their onsite review and, based upon preliminary discussions with the regulators, the Company expects some form of informal or formal regulatory action will be taken. The Company expects to receive the written examination report later in the second quarter.
Midwest Banc Holdings, Inc. provides a wide range of retail and commercial lending services, personal and corporate trust services, residential mortgage origination, and securities and insurance brokerage activities throughout the greater Chicago metropolitan area and Western Illinois. The Company's principal operating subsidiaries are: Midwest Bank and Trust Company, Midwest Bank of Western Illinois, Midwest Financial and Investment Services, Inc. and Midwest Bank Insurance Services, L.L.C.
This press release contains certain "Forward-Looking Statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and should be reviewed in conjunction with the Company's Annual Report on Form 10-K and other publicly available information regarding the Company, copies of which are available from the Company upon request. Such publicly available information sets forth certain risks and uncertainties related to the Company's business which should be considered in evaluating "Forward-Looking Statements." The Company assumes no obligation to update publicly any of these statements in light of future events.
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|Date:||May 9, 2003|
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