Old Second Bancorp, Inc. (NASDAQ: OSBC) has successfully completed its merger with Bancorp Financial, Inc., with Bancorp Financial's subsidiary bank, Evergreen Bank Group, merging into Old Second's subsidiary bank, Old Second National Bank. As a result of the merger, Old Second had approximately $6.98 billion in assets, $5.95 billion in deposits, and $5.09 billion in loans, with 56 locations in the downtown, west, and south suburban Chicago market as of March 31, 2025, on a proforma basis.
Under the terms of the merger agreement, Bancorp Financial shareholders received 2.5814 shares of Old Second common stock and $15.93 in cash for each share of Bancorp Financial common stock. The Chairman, President, and CEO of Old Second, James Eccher, expressed great pleasure in closing the merger, emphasizing the potential for delivering positive outcomes for stockholders, customers, employees, and communities with the combined efforts and scale created by the merger.
In connection with the merger, Darin Campbell, the President and CEO of Bancorp Financial and Evergreen Bank Group, has joined the boards of directors of Old Second and Old Second National Bank, while Jill Voss, Bancorp Financial's CFO, has joined the board of directors of Old Second National Bank.
Old Second Bancorp, Inc. is a financial services company and the holding company of Old Second National Bank, providing commercial and retail banking services, as well as trust and wealth management services across various counties in Illinois.
This merger marks a significant development for Old Second Bancorp, Inc. as it brings together two financial institutions, expanding its scale and potential to serve its stakeholders. Today the company's shares have moved 2.99% to a price of $18.27. For the full picture, make sure to review OLD SECOND BANCORP INC's 8-K report.
