Midwest Banc Holdings Inc (fka MBHIQ)

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BL> Midwest Banc Holdings Seeks Chapter 11 Bankruptcy (Update1)
Share Business ExchangeTwitterFacebook| Email | Print | A A A By Edvard Pettersson

Aug. 20 (Bloomberg) -- Midwest Banc Holdings Inc., whose Midwest Bank and Trust was closed in May by Illinois regulators, filed for Chapter 11 bankruptcy protection.

Midwest listed $9.7 million in assets and $144.7 million in debt in a filing today in U.S. Bankruptcy Court in Chicago.

The bank had received $84.8 million in U.S. bailout funds from the Troubled Asset Relief Program. Its lender, Midwest Bank and Trust, with $3.17 billion in assets and 23 retail branches at the time, was shut May 14 with Firstmerit Bank of Akron, Ohio, assuming all the $2.42 billion in deposits.

The case is In re Midwest Banc Holdings Inc., 10-37319, U.S. Bankruptcy Court, Northern District of Illinois (Chicago.)

To contact the reporter on this story: Edvard Pettersson in Los Angeles at [e-mail].

To contact the editor responsible for this story: David Rovella at [e-mail].