Old Second to acquire Chicago branch of Talmer Bank and Trust

AURORA — Old Second Bancorp announced its subsidiary, Old Second National Bank, will acquire the Chicago branch of Talmer Bank and Trust, the banking subsidiary of Talmer Bancorp, Inc.

Financial terms were not announced. The acquisition of Talmer Bank and Trust will include approximately $82 million of deposits and approximately $238 million of loans.

“We have been looking for an acquisition opportunity in the Chicagoland area for some time and this transaction contains many of the elements we desire in a transaction, including a strong team of commercial lenders led by Robert and Dave,” said James L. Eccher, Chief Executive Officer and President of Old Second. “We will continue to look for additional expansion opportunities in our existing and adjacent markets.”

Talmer's Chicago office is led by veteran commercial bankers Gary Collins, Robert Moore and Dave Neilson. Upon completion of the transaction, Collins is expected to join Old Second as vice chairman and as a director of Old Second and the Bank. Old Second plans to appoint Hugh McLean, president of the Illinois Region of Talmer Bank and Trust, as a director of the bank. Prior to joining Talmer in 2010, Collins and McLean worked together at several Chicago area banks, including as co-vice chairmen at a large Chicago bank.

“Gary and Hugh bring a wealth of experience to our management team,” Eccher said. “I look forward to working with them to identify profitable growth opportunities for Old Second.”

The acquisition is expected to close in the fourth quarter of 2016, subject to regulatory approval, the completion of Talmer's pending merger with Chemical Financial Corporation and other customary closing conditions.

Old Second is being advised by Barack Ferrazzano Kirschbaum & Nagelberg LLP as legal counsel.