Business
Old Second Bancorp, Inc. Announces Receipt of Regulatory Approvals to Complete its Merger Transaction with West Suburban Bancorp, Inc.
AURORA, Ill., Oct. 15, 2021 /PRNewswire/ -- Aurora, IL-based Old Second Bancorp, Inc. ("Old Second", NASDAQ: OSBC), the holding company for Old Second
About this update from Old Second Bancorp, Inc.
[{"type":"text","content":"AURORA, Ill., Oct. 15, 2021 /PRNewswire/ -- Aurora, IL-based Old Second Bancorp, Inc. (\"Old Second\", NASDAQ: OSBC), the holding company for Old Second National Bank, announced today that it has received the bank regulatory approvals required to complete its previously announced merger with Lombard, IL-based West Suburban Bancorp, Inc. (\"West Suburban\"), and its wholly-owned subsidiary, West Suburban Bank.\nSubject to Old Second stockholder approval and West Suburban shareholder approval, as well as the satisfaction of customary closing conditions, Old Second anticipates closing the transaction in early December 2021.\nOld Second operates 29 full-service banking branches primarily in the Kane, Cook, DeKalb, DuPage, Kendall, LaSalle and Will counties, and West Suburban operates 35 full service banking branches, primarily in the DuPage, Kane, Kendall, and Will counties. \n\"We are extremely pleased to have received the bank regulatory approvals required to complete the proposed merger with West Suburban, which represents a significant milestone towards closing the transaction,\" commented James Eccher, President and Chief Executive Officer of Old Second. \"As we previously announced, we believe the combination of our two banks will significantly enhance our financial strength, our competitive position in the Chicago metropolitan market, and our ability to invest in building the best combined bank to serve our customers and communities. Given our overlapping core values and our complementary product and service offerings, we believe this merger will create a strong institution that is well-positioned to grow, which will benefit the stockholders of both Old Second and West Suburban.\"\nAdditional Information About the Merger and Where to Find It\nThis communication is being made in respect of the proposed merger transaction between Old Second and West Suburban. In connection with the proposed merger, on October 1, 2021, Old Second filed with the Securities and Exchange Commission (\"SEC\") a Registration Statement on Form S-4 (Registration Statement No. 333-259964) that includes the Joint Proxy Statement of Old Second and West Suburban and a Prospectus of Old Second, as well as other relevant documents regarding the proposed transaction. A definitive Joint Proxy Statement/Prospectus will also be sent to Old Second stockholders an...