Aurora-based Old Second National Bank has announced it is acquiring competitor West Suburban Bank, according to a press release from the two companies last week.
The $297 million cash-and-stock deal is set to create a top banking franchise with over 70 locations across Chicagoland. Under the merger agreement, West Suburban shareholders will receive 42.413 shares of Old Second Bancorp, Inc. common stock and $271.15 in cash for each share of West Suburban Bancorp, Inc. common stock, according to a press release.
“This combination is expected to significantly enhance our financial strength, our position in Chicago and our ability to invest in building the best bank for our customers and communities,” said James Eccher, Old Second Bancorp’s president and CEO.
Founded in 1962, West Suburban has 43 locations across DuPage, Kane, Kendall, and Will counties. The financial institution currently holds $2.97 billion in assets, per the press release. Locally, West Suburban operates branch banks in Oswego and Montgomery.
West Suburban has served its customers and communities for nearly 60 years. I could not be more proud of our team, the bank we built together and the positive impact we’ve made in the western suburbs of Chicago,” said West Suburban Chairman Kevin Acker.
Pending a thumbs up from regulators and shareholders, the merger of the two banks is expected to close in the fourth quarter of 2021.
Source: The Daily Chronicle