Midwest Banc gets default notice
Midwest Banc Holdings Inc., a community based bank holding company headquartered in Melrose Park, received on Aug. 2 a notice of default on a Dec. 19, 2003, debenture of $10 million of junior, subordinated debt, from Wilmington Trust Co., the trustee on the indenture, according to a federal filing.
The entry of Midwest Banc Holdings' unit, Midwest Bank, into receivership with the Federal Deposit Insurance Corp., which has assumed its deposits and banking operations, constitutes a default under the indenture, Wilmington Trust stated in an Aug. 2 notice to Midwest Banc Holdings, according to the filing.
The holding company "does not believe that these events in and of themselves constitute a default," it said in the filing.
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