Illinois-based Old Second Bancorp, West Suburban Bancorp complete merger

Aurora, Ill.-based Old Second Bancorp Inc. completed its merger with Lombard, Ill.-based West Suburban Bancorp Inc., effective Dec. 1.

West Suburban subsidiary bank West Suburban Bank also merged into Old Second subsidiary bank Old Second National Bank, effective the same date.

Under the merger agreement, West Suburban shareholders will receive 42.413 Old Second common shares and $271.15 in cash for each West Suburban common share.

On a pro forma basis as of Sept. 30, Old Second had 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, following the closing of the deal.

In connection with the merger, West Suburban CEO Keith Acker, West Suburban lead independent director Keith Kotche and West Suburban Bank director John Williams joined the boards of Old Second and Old Second National Bank.