1 • Thursday, Aug. 5, 2021 - Rock Valley Publishing
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Addison
Independent
VOL. 18 • NO. 33
400870
WWW.THEINDEPENDENTNEWSPAPERS.COM
THURSDAY, AUG. 5, 2021
BRENDA GARCIA PHOTO Addison Independent
Lakeside opens new branch
Pictured here on Thursday, July 22 at the grand opening of the new Oakbrook George Papageorge Haymes; David Pinkerton, president and vice chairman; Bruce Terrace branch of Lakeside Bank are (from left): Dan Welz, EVP and chief operating Bronge, president, ICI Construction; Oakbrook Terrace City Manager Amy Marrero; officer; Tara Nerko, vice president market manager/business banker; Board member and, Oakbrook Terrace Aldermen Bob Rada and Charlie Barbari.
West Suburban Bank, Old Second Bank announce merger
Aurora-based Old Second National Bank and Lombard-based West Suburban Bank jointly announced last week the signing of a definitive merger agreement for Old Second to acquire West Suburban Bank in a cash and stock transaction valued at $297 million, according to a news release posted on Old Second Bank’s
website. The terms of the merger agreement were approved unanimously by the board of directors of both banks. The merger is expected to close in the fourth quarter of 2021. The name of the combined new bank likely will be Old Second National Bank, according to the Daily
Inside:
Police Reports...........8 Sports ��������������� 18-19 Viewpoint.................6 Classifieds..............16
Herald. West Suburban Bank—which opened in 1962 with its first branch in the Eastgate Shopping Center off Westmore-Meyers Avenue in Lombard—has 43 locations in DuPage, Kane, Kendall and Will counties, including four locations in Lombard and one in Villa Park. Old Second Bank has 28 locations throughout DuPage, Cook, Kane, Kendall, DeKalb, Will and LaSalle counties. “West Suburban has served its customers and communities for nearly 60 years. I could not be more proud of our team, the bank we built together and the positive impact we’ve made in the western suburbs of Chicago,” said Kevin Acker, chairman of West Suburban Bancorp, Inc. “Much like West Suburban, Old Second has a long history of supporting its communities and for over 150 years has helped individuals and businesses in Chicago and the western suburbs
through a relationship-banking model. “We expect that the community bank culture and values that we share with Old Second, and the expanded products and capabilities that we will have following our merger will enhance our ability to provide exceptional banking services to all of our customers. We truly believe this combination will bring out the best in both of our companies and create a better bank for our employees as well as the customers and communities we serve.” The merger will give the pro forma company approximately $6.2 billion in assets, $3.4 billion in loans and $5.3 billion in deposits, and create the largest community bank under $10 billion in assets in the Chicago market. There also will be over 70 branches across the Chicago area. “We are extremely pleased to announce the combination with West
Suburban,” said James Eccher, president and chief executive officer of Old Second Bancorp. “West Suburban is a franchise we have known and respected for a very long time. It has built an impeccable reputation by providing first class service to its customers and communities. This combination is expected to significantly enhance our financial strength, our position in Chicago and our ability to invest in building the best bank for our customers and communities. “Given our overlapping core principles and our complementary product and service offerings, we believe this merger creates the most compelling path forward for the shareholders of both institutions. From our perspective, we do not believe there is another partner who could deliver us the same level of complementary geographic reach, scale on current products and services, upside and long-term shareholder value.”
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