- Business
- Midland Capital Holdings Corp. Midland Capital Holdings Corp. (MCPH) serves as the holding company for Midland Federal Savings and Loan Association, a federal savings and loan association that provides retail banking products and services to individuals and businesses primarily in the Chicago metropolitan area of Illinois. Midland Federal offers deposit products including checking accounts, savings accounts, certificates of deposit, money market accounts, individual retirement accounts, and Christmas club accounts; loan products such as residential mortgage loans, consumer loans, multi-family loans, construction loans, home equity loans, and home improvement loans; and additional services encompassing ATM/debit and check cards, online banking, internet bill payment, remote deposit capture, direct deposit, merchant card services, wire transfers, safe deposit boxes, notary public services, telephone banking, night depository, money orders, and cashier's checks. The bank also provides insurance products including homeowners, mortgage, automobile, Medicare supplements, condo/renters packages, group and individual health, small business owners, and life/term/disability coverage; investment services comprising annuities, retirement planning, stocks and bonds, mutual funds, business retirement plans, education planning, and tax-efficient investments; as well as real estate tax and land trust services. Founded in 1914 and headquartered in Bridgeview, Illinois, Midland Federal operates through four full-service branches in Bridgeview, Homer Glen, and Chicago, Illinois, with total assets of $114.9 million and total equity capital of $10.4 million as of June 30, 2024. In September 2024, Midland Capital Holdings was acquired by Midfed Acquisition Corp., an investor group led by experienced bank executives, in an all-cash transaction at $31.65 per share, resulting in MCPH shares ceasing to trade on the OTC Pink Marketplace; the acquisition aims to expand product offerings, enhance technology infrastructure, and improve community convenience while retaining existing management led by President and CEO Joe Kirkeeng and CFO Scott Hamer.