Old Second Bancorp, Inc. (NASDAQ:OSBC) today announced that its banking subsidiary, Old Second National Bank (the “Bank”), completed its previously announced acquisition of the Chicago branch of Talmer Bank and Trust, effective October 28, 2016. As a result of this transaction, Old Second acquired approximately $48.9 million of deposits and approximately $223.4 million of loans.
“We are very excited to have completed this acquisition, which will expand our presence in the Chicago market,” said James L. Eccher, Chief Executive Officer and President of Old Second. “I am especially looking forward to working with Gary Collins, Hugh McLean, Robert Moore, Dave Neilson and the rest of the team that will be joining us in this transaction. They have a long record of commercial lending success in Chicago, and we look forward to building upon that tradition together.”
Upon the completion of the transaction, Gary Collins was appointed as Vice Chairman and director of Old Second and as a director of the Bank. In addition, Hugh McLean was appointed as a director of the Bank. Prior to joining Talmer in 2010, Mr. Collins and Mr. McLean worked together at several Chicago area banks, including as co-vice chairmen at a large Chicago bank.
“We are delighted to join Old Second,” said Gary Collins. “We have long admired their excellent reputation in the Chicagoland banking market, and look forward to helping them achieve further growth.”
Old Second was advised by Barack Ferrazzano Kirschbaum & Nagelberg LLP as legal counsel.
About Old Second Bancorp, Inc.
Old Second Bancorp, Inc. is a financial services company with its headquarters located in Aurora, Illinois. The Company is the holding company for Old Second National Bank, a national banking organization headquartered in Aurora, Illinois, which provides commercial, treasury management and retail banking services, as well as trust and wealth management services, through offices located in Kane, Kendall, DeKalb, DuPage, LaSalle, Will and Cook counties in Illinois. Additional information concerning Old Second can be accessed on the internet at www.oldsecond.com.