DETROIT -- NBD Bank Corp. of Detroit and Midwest Commerce Corp. of Elkhart, Ind., Thursday announced the Federal Reserve Board approved their merger.
Stockholders of MCC, the holding company for Midwest Commerce Bank, will be able to select either cash or shares in NBD worth $57.43 per share of MCC stock in the $61 million deal.
However, 55 percent of the MCC stock must be exchanged for NBD common stock, with only 45 percent of MCC stock being exchanged for cash, said Kurt Folkmier, a Midwest Commerce Bank spokesman.
The merger agreement was announced in May 1985 and the plan received MCC stockholder approval at a special meeting in October, Folkmier said.
On March 31, MCC reported assets of $569 million, while NBD, the largest bank holding company in Michigan, Indiana and Ohio, reported assests of $15.9 billion.
NBD is the parent of the National Bank of Detroit and 20 other Michigan banks.