Business
Old Second and Evergreen Bank Group Announce Strategic Combination
AURORA AND OAK BROOK, IL / ACCESSWIRE / February 25, 2025 / Old Second Bancorp, Inc. (NASDAQ:OSBC) ("Old Second") and Bancorp Financial, Inc. ("Bancorp
About this update from Old Second Bancorp, Inc.
[{"type":"text","content":"AURORA AND OAK BROOK, IL / ACCESSWIRE / February 25, 2025 / Old Second Bancorp, Inc. (NASDAQ:OSBC) (\"Old Second\") and Bancorp Financial, Inc. (\"Bancorp Financial\", \"Evergreen Bank\") jointly announced today the signing of a definitive merger agreement for Old Second to acquire Bancorp Financial and its wholly-owned bank subsidiary, Evergreen Bank Group, in a cash and stock transaction.Under the terms of the merger agreement, which was unanimously approved by the Boards of Directors of both companies, Bancorp Financial stockholders will receive 2.5814 shares of Old Second common stock and $15.93 in cash for each share of Bancorp Financial's common stock, for total consideration consisting of approximately 75% stock and 25% cash. Based on the closing price of Old Second common stock of $18.08 per share on February 24, 2025, the implied purchase price is $62.60 per Bancorp Financial common share, with an aggregate transaction value of approximately $197 million.Darin Campbell, Chairman of Bancorp Financial, stated, \"Bancorp Financial and its wholly owned subsidiary, Evergreen Bank Group, are thrilled to announce the merger with Old Second, a move that is expected to create a stronger banking institution for our customers and communities of nearly 18 years. I could not be more proud of the team, the bank we have built together, and the positive impact we've made in the western suburbs of Chicago and the neighborhoods surrounding our oldest branch in Evergreen Park.\" Campbell continued, \"I am equally proud of what we have built nationally with our FreedomRoad Financial and Performance Finance divisions, establishing two of the most recognizable brands in powersport lending across the country. By joining forces with Old Second, we are combining our strengths and shared values to create a better bank, offering enhanced services and opportunities for our employees, customers, key partnerships, and the communities we serve. Together, we are poised to make an even greater impact and continue our legacy of excellence in banking.\"\"We are extremely pleased to announce the combination with Evergreen Bank,\" commented James Eccher, Chairman, President and Chief Executive Officer of Old Second Bancorp. \"The partnership provides us with an exciting opportunity to continue to expand our presence in the greater Chicago markets as well a...