Old Second Bancorp, Inc. Announces Completion of Chicagoland Branch Transaction
Old Second Bancorp (NASDAQ:OSBC) has completed its acquisition of five Illinois branch locations from First Merchants Bank in the Southeast Chicago MSA. The transaction, effective December 6, 2024, involves Old Second assuming approximately $274.2 million in deposits and purchasing about $7.5 million in branch-related loans, along with other branch-related assets. The acquired branches will begin operating as Old Second locations on December 9, 2024.
The acquisition strengthens Old Second's presence in the Southeast Chicago market. Keefe, Bruyette & Woods, Inc. and Nelson Mullins Riley & Scarborough LLP served as financial and legal advisors to Old Second, while Stephens Inc. and Dentons Bingham Greenebaum LLP advised First Merchants Corp.
Old Second Bancorp (NASDAQ:OSBC) ha completato l'acquisizione di cinque filiali in Illinois da First Merchants Bank nel mercato di Southeast Chicago. La transazione, che sarà effettiva dal 6 dicembre 2024, prevede che Old Second assuma circa 274,2 milioni di dollari in depositi e acquisti circa 7,5 milioni di dollari in prestiti legati alle filiali, insieme ad altri beni correlati alle filiali. Le filiali acquisite inizieranno a operare come filiali di Old Second il 9 dicembre 2024.
L'acquisizione rafforza la presenza di Old Second nel mercato di Southeast Chicago. Keefe, Bruyette & Woods, Inc. e Nelson Mullins Riley & Scarborough LLP hanno servito come consulenti finanziari e legali per Old Second, mentre Stephens Inc. e Dentons Bingham Greenebaum LLP hanno assistito First Merchants Corp.
Old Second Bancorp (NASDAQ:OSBC) ha completado la adquisición de cinco sucursales en Illinois de First Merchants Bank en el área de Southeast Chicago. La transacción, que entrará en vigor el 6 de diciembre de 2024, implica que Old Second asuma aproximadamente $274.2 millones en depósitos y compre alrededor de $7.5 millones en préstamos relacionados con las sucursales, junto con otros activos relacionados. Las sucursales adquiridas comenzarán a operar como localidades de Old Second el 9 de diciembre de 2024.
La adquisición fortalece la presencia de Old Second en el mercado de Southeast Chicago. Keefe, Bruyette & Woods, Inc. y Nelson Mullins Riley & Scarborough LLP actuaron como asesores financieros y legales de Old Second, mientras que Stephens Inc. y Dentons Bingham Greenebaum LLP asesoraron a First Merchants Corp.
Old Second Bancorp (NASDAQ:OSBC)은 Southeast Chicago MSA에서 First Merchants Bank로부터 Illinois의 5개 지점 위치를 인수 완료했습니다. 이 거래는 2024년 12월 6일부터 효력이 발생하며, Old Second는 약 2억 7420만 달러의 예금을 인수하고 약 750만 달러의 지점 관련 대출을 구매하며, 기타 지점 관련 자산도 포함됩니다. 인수된 지점들은 2024년 12월 9일부터 Old Second 위치로 운영됩니다.
이번 인수는 Old Second의 Southeast Chicago 시장 내 입지를 강화합니다. Keefe, Bruyette & Woods, Inc.와 Nelson Mullins Riley & Scarborough LLP는 Old Second의 재무 및 법률 자문으로 활동했으며, Stephens Inc.와 Dentons Bingham Greenebaum LLP는 First Merchants Corp.의 자문을 맡았습니다.
Old Second Bancorp (NASDAQ:OSBC) a finalisé l'acquisition de cinq succursales dans l'Illinois de First Merchants Bank dans la MSA de Southeast Chicago. La transaction, qui prend effet le 6 décembre 2024, implique qu'Old Second assume environ 274,2 millions de dollars en dépôts et achète environ 7,5 millions de dollars en prêts liés aux succursales, ainsi que d'autres actifs liés aux succursales. Les succursales acquises commenceront à fonctionner comme des succursales Old Second à partir du 9 décembre 2024.
Cette acquisition renforce la présence d'Old Second sur le marché de Southeast Chicago. Keefe, Bruyette & Woods, Inc. et Nelson Mullins Riley & Scarborough LLP ont agi en tant que conseillers financiers et juridiques pour Old Second, tandis que Stephens Inc. et Dentons Bingham Greenebaum LLP ont conseillé First Merchants Corp.
Old Second Bancorp (NASDAQ:OSBC) hat den Erwerb von fünf Filialen in Illinois von der First Merchants Bank im Southeast Chicago MSA abgeschlossen. Die Transaktion, die am 6. Dezember 2024 in Kraft tritt, beinhaltet, dass Old Second etwa 274,2 Millionen Dollar an Einlagen übernimmt und ungefähr 7,5 Millionen Dollar an filialbezogenen Krediten erwirbt, zusammen mit anderen filialbezogenen Vermögenswerten. Die erworbenen Filialen werden ab dem 9. Dezember 2024 als Old Second-Filialen betrieben.
Die Übernahme stärkt die Präsenz von Old Second im Markt von Southeast Chicago. Keefe, Bruyette & Woods, Inc. und Nelson Mullins Riley & Scarborough LLP fungierten als Finanz- und Rechtsberater für Old Second, während Stephens Inc. und Dentons Bingham Greenebaum LLP First Merchants Corp. berieten.
- Acquisition of five new branch locations expanding market presence in Southeast Chicago
- Addition of $274.2 million in deposits strengthening deposit base
- Purchase of $7.5 million in branch-related loans expanding loan portfolio
- None.
Insights
Old Second National Bank Completes Acquisition of Five Illinois Branches from First Merchants Bank
CHICAGO, IL / ACCESSWIRE / December 6, 2024 / Old Second Bancorp, Inc. ("Old Second Bancorp") (NASDAQ:OSBC), the parent company of Old Second National Bank ("Old Second"), announced today that Old Second has completed its previously announced purchase of five Illinois branch locations in the Southeast Chicago MSA from First Merchants Bank ("First Merchants"). The closing of the transaction became effective after the close of business on December 6, 2024, and the five branches of First Merchants purchased will open as branches of Old Second on Monday, December 9, 2024.
Under the terms of the purchase and assumption agreement Old Second assumed approximately
"We are extremely pleased to close our branch transaction with First Merchants, which will add meaningfully to our existing branch network in the Southeast Chicago market," said James Eccher, Chairman, President and Chief Executive Officer of Old Second. "We extend a warm welcome to First Merchant's customers and branch-related team members."
Keefe, Bruyette & Woods, Inc. served as financial advisor, and Nelson Mullins Riley & Scarborough LLP served as legal advisor to Old Second Bancorp. Stephens Inc. served as financial advisor, and Dentons Bingham Greenebaum LLP served as legal advisor to First Merchants Corp.
About Old Second Bancorp, Inc.
Old Second Bancorp, Inc., headquartered in Aurora, Illinois, is the bank holding company for Old Second National Bank, which celebrated 150 years of operation in 2021. Old Second's common stock trades on The NASDAQ Stock Market under the symbol "OSBC". More information about Old Second is available by visiting the "Investor Relations" section of its website www.oldsecond.com. As of September 30, 2024, Old Second has approximately
Forward-Looking Statements
This press release and statements by our management may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding our expectations with respect to the transaction. Forward-looking statements are based on our current beliefs, expectations and assumptions and on information currently available and, can be identified by the use of words such as "expects," "intends," "believes," "may," "will," "would," "could," "should," "plan," "anticipate," "estimate," "possible," "likely" or the negative thereof as well as other similar words and expressions of the future. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements anticipated in such statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include, among others: (i) the possibility that any of the anticipated benefits of the transaction will not be realized; (ii) the risk that integration of the operations of the branch locations with Old Second will be more costly or difficult than expected; and (iii) the effect of the transaction on employee relationships, customer relationships and operating results. For a discussion of additional factors that could cause actual results to differ materially from those described in the forward-looking statements, please see the risk factors discussed in Old Second Bancorp's Form 10-K for the year ended December 31, 2023, its Forms 10-Q for the quarters ended March 31, 2024, June 30, 2024, and September 30, 2024 and other reports that are filed with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made and, except as required by law, Old Second Bancorp does not assume any duty to update forward-looking statements.
Contact: | Bradley S. Adams |
| Executive Vice President, |
| Chief Operating Officer and |
| Chief Financial Officer |
| (630) 906-5484 |
SOURCE: Old Second Bancorp Inc.
View the original press release on accesswire.com
FAQ
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