trending Market Intelligence /marketintelligence/en/news-insights/trending/KHYabNvj0ziKwiiBoyOImw2 content esgSubNav
In This List

Wednesday's Bank Stocks: Old Second pops on Greater Chicago deal announcement


Insight Weekly: Bank boards lag on gender parity; future of office in doubt; US LNG exports leap


Insight Weekly: Job growth faces hurdles; shale firms sit on cash pile; Africa's lithium future


Street Talk | Episode 99 - Higher rates punish bond portfolios, weigh on bank M&A


Insight Weekly: Loan growth picks up; US-China PE deals fall; France faces winter energy crunch

Wednesday's Bank Stocks: Old Second pops on Greater Chicago deal announcement

Shares of Aurora, Ill.-based Old Second Bancorp Inc. popped 6.61% to $13.70 on Dec. 27 after the company announced that it would be acquiring Greater Chicago Financial Corp. in a $41.1 million all-cash deal.

The consideration represents about 119% of Greater Chicago Financial's tangible book value as of Sept. 30 and would allow Old Second to solidify its presence as a midsized financial institution in one of the country's most populous markets.

Analysts reacted positively to the deal announcement. FIG Partners analyst Brian Martin described the deal as "financially attractive" while Sandler O'Neill analyst Andrew Leisch wrote that the deal should be "solidly accretive."

The Dow Jones Industrial Average added 0.11% to 24,774.30, the S&P 500 increased 0.08% to 2,682.62 and the Nasdaq Composite Index ticked up 0.04% to 6,939.34.

The largest banks ended the day mixed, as JPMorgan Chase & Co. added 0.19% to $107.22, Citigroup Inc. increased 0.15% to $74.89, Bank of America Corp. slipped 0.17% to $29.73 and Wells Fargo & Co. declined 0.29% to $60.95.

In notable movers, Chicago-based Byline Bancorp Inc. increased 6.26% to $22.92; San Juan, P.R.-based OFG Bancorp declined 2.69% to $9.05; while Bethesda, Md.-based Eagle Bancorp Inc. lost 2.82% to $56.95.

S&P Dow Jones Indices and S&P Global Market Intelligence are owned by S&P Global Inc.

Market prices and index values are current as of the time of publication and are subject to change.