Aurora-based Old Second Bancorp Inc. announced Wednesday that it has completed its previously announced merger with West Suburban Bancorp Inc., effective Wednesday, Dec. 1.
Also effective Wednesday, West Suburban’s subsidiary bank, West Suburban Bank, merged into Old Second’s subsidiary bank, Old Second National Bank, Old Second officials said in a news release.
Old Second has a long history in Aurora. Founded in 1871, just 14 years after Aurora was incorporated, Old Second National Bank was the first downtown bank along the Fox River and is Aurora’s longest-running business, city officials have said.
As the population of the city grew in the 1920s, Old Second hired Chicago architect George Elmslie in 1924 to construct the main bank branch in downtown Aurora, according to city officials.
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, according to the release. Subsequent to the closing, Old Second had, on a proforma basis as of Sept. 30, 2021, 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, the release stated.
“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, in the release. “Today, we celebrate the culmination of our combined efforts and extend a warm welcome to West Suburban customers and team members. With complementary product and service offerings and the additional scale created by the merger, we believe this merger will generate value and opportunities for our stockholders, customers, employees and communities.”
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 Bancorp Inc., headquartered in Aurora, is the bank holding company for Old Second National Bank, which celebrated 150 years of operation in 2021.
