CHICAGO-Midwest Bank & Trust Co. is likely to be the next local bank seized by the Federal Deposit Insurance Corp., according to a report in Crain’s Chicago Business . The Elmwood Park-based company is a $3.4-billion-asset bank.

The bank has 26 branches in the Chicago-land area and is owned by Midwest Banc Holdings Inc. Midwest Bank has only a few weeks left to raise $125 million in order to defer receivership.

Purchasing bids are due to the FDIC by May 10, which is likely to mean the bank will fail around May 14. The bidding war for Midwest Bank is expected to be more competitive than any of the other failed banks in the area. Potential bidders include MB Financial, Wintrust Financial Corp., First Merit Bank, US Bancorp Inc.

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