Week in Review — July 31-Aug 6 conwaydailysun.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from conwaydailysun.com Daily Mail and Mail on Sunday newspapers.
Old Second National Bank and West Suburban Bank plan to merge Aurora-based Old Second Bancorp Inc., parent company of Old Second National Bank, plans to merge with Lombard-based West Suburban Bancorp Inc. in a cash-and-stock deal valued at $297 million. DAILY HERALD FILE PHOTO
Old Second National Bank and West Suburban Bank announced plans Monday to merge.
Aurora-based Old Second Bancorp Inc. is to acquire Lombard-based West Suburban Bancorp Inc. in a cash-and-stock deal valued at $297 million. The board of directors of both parent companies unanimously agreed to the merger agreement.
In a 32-minute conference call Monday, Old Second Bancorp President and CEO James Eccher said West Suburban Bank President Keith Acker and two other West Suburban directors would join the Old Second board of directors.
The largest deal for a privately held local bank in nearly five years is brewing.
The parent of Lombard-based West Suburban Bank, the second-largest privately owned bank in the area, is seeking a buyer, according to multiple sources.
more
At nearly $3 billion in assets and with more than 40 branches sprinkled throughout the western suburbs, the bank could fetch $360 million or more. That would amount to about 1.5 times its book value at the end of the first quarter.
West Suburban is one of a dwindling breed on the Chicago banking scene a privately held bank large enough to provide a meaningful market share boost to a buyer or serve as a platform for an out-of-town player seeking to break into the market. Observers say the banks interested in West Suburban appear to be mainly those already here that are looking to add on, particularly in DuPage County. As of June 30, West Suburban was the eighth-largest bank by deposits in DuPage, with $1.9 billion, or nearly 4 percent of the mark