Midwest Bank likely to be seized by gov't

May 13, 2010 4:06:17 PM PDT
Midwest Bank is expected to be seized by federal regulators Friday.

The company is based in Melrose Park.

Its loan losses have been growing.

Crain's Chicago Business reports that Midwest Bank has not been able to raise enough money to remain solvent by a deadline set for Friday.

Crain's reports that there has been intense interest by bank and investment firms in buying Midwest's deposits and assets.

Midwest has 26 branches in the city and suburbs.