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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 3 TO
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Midland Financial Group, Inc.
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(Name of Issuer)
Common stock, no par value
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(Title of Class of Securities)
597517-10-1
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(CUSIP Number)
David M. Schneider, 6300 Wilson Mills Road, Mayfield Village OH 44143
(216) 446-7870
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 27, 1997
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box / /.
Check the following box if a fee is being paid with the statement / /. (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 3d-(a) for other parties to whom copies are to be sent.
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The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP NO.597517-10-1 13D PAGE 2 OF 5 PAGES
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<S> <C> <C>
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
The Progressive Corporation 34-0963169
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Ohio
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7 SOLE VOTING POWER
-0-
NUMBER OF -------------------------------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 550,500
EACH -------------------------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
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10 SHARED DISPOSITIVE POWER
550,500
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
550,500
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9
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14 TYPE OF REPORTING PERSON*
HC, CO
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</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO.
Page 2 of 5 Pages
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<TABLE>
<CAPTION>
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CUSIP NO. 13D PAGE 3 OF 5 PAGES
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<S> <C> <C>
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Progressive Investment Company, Inc. 34-1378861
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Ohio
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7 SOLE VOTING POWER
-0-
NUMBER OF -------------------------------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 550,500
EACH -------------------------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
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10 SHARED DISPOSITIVE POWER
550,500
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
550,500
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9
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14 TYPE OF REPORTING PERSON*
CO
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</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO.
Page 3 of 5 Pages
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ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
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An additional 90,000 shares of Common Stock were acquired by PICI
since the filing of Amendment No. 2 to this Schedule 13D in a transaction on
February 27,1997. The purchase price of the Common Stock was $8.90. As of the
date hereof, the aggregate purchase price for the Common Stock was $4,762,625.
PICI has used retained earnings of Progressive to fund the acquisitions. Any
future acquisitions of Common Stock by PICI, and the acquisition of Common
Stock by Progressive pursuant to the Merger Agreement (as described in Item
4), will also be funded with retained earnings of Progressive.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
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(a) PICI owns beneficially 550,500 shares of Common Stock,
representing approximately 9.9% of the outstanding Common Stock; Progressive,
as the parent of PICI, is the indirect beneficial owner of these same shares of
Common Stock. Mr. Charles B. Chokel, Treasurer and Chief Financial Officer of
Progressive, owns beneficially 1,100 shares of Common Stock, representing less
than 1% of the outstanding Common Stock.
(b) Progressive and PICI share voting power to vote and to
dispose of the shares described in paragraph (a) above. Mr. Chokel has the
sole power to vote and to dispose of the shares described in paragraph (a)
above.
(c) Except as described herein, none of PICI, Progressive or
any of the persons identified in Appendix A have effected any transaction in the
Company's Common Stock in the past 60 days.
(d) No other person is known to have the right to receive or
the power to direct the receipt of dividends from, or the proceeds from the sale
of, the shares described in paragraph (a).
(e) Inapplicable.
Page 4 of 5 Pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
THE PROGRESSIVE CORPORATION
PROGRESSIVE INVESTMENT COMPANY, INC.
By: /s/ David M. Schneider
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David M. Schneider
Chief Legal Officer and
Secretary
Date: March 4, 1997
Page 5 of 5 Pages
