Old Second, West Suburban banks complete merger
AURORA -- Old Second Bancorp Inc. Wednesday said its previously announced merger with West Suburban Bancorp Inc. was completed, effective Dec. 1.
West Suburban's subsidiary bank, West Suburban Bank, has been merged into Old Second's subsidiary bank, Old Second National Bank.
Under the terms of the merger agreement, West Suburban shareholders will receive 42.413 shares of Old Second common stock and $271.15 in cash for each share of West Suburban common stock.
Subsequent to the closing, Aurora-based Old Second had, on a pro forma basis as of Sept. 30, approximately $6.2 billion in assets, $5.3 billion in deposits and $3.4 billion in loans, with 65 locations in the downtown, West and South suburban Chicago market.
"We are extremely pleased to close our merger with West Suburban, a franchise that we have known and respected for a very long time," said James Eccher, president and chief executive officer of Old Second. "Today, we celebrate the culmination of our combined efforts and extend a warm welcome to West Suburban customers and team members."
In connection with the merger, West Suburban Chief Executive Officer Keith Acker, West Suburban lead independent director Keith Kotche and West Suburban Bank director John Williams each joined the Old Second and Old Second National Bank boards of directors.
Old Second celebrated 150 years of operation in 2021.