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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.

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