An Illinois bank company has agreed to submit a plan designed to improve the condition of the lender, the Federal Reserve said Wednesday.

The Fed announced an agreement with Midwest Banc Holdings Inc. (MBHI) of Melrose Park, Ill. It owns Midwest Bank and Trust Co. in Elmwood Park, Ill.

The agreement calls for a plan to maintain control of the bank's major operations, including credit risk management, among other things.

 
   -By Jeff Bater, Dow Jones Newswires; 202 862 9249; jeff.bater@dowjones.com
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