West Suburban Bancorp’s Merger Agreement With Old Second Bancorp

West Suburban Bancorp's Merger Agreement With Old Second Bancorp

Kirkland & Ellis and Barack Ferrazzano represented West Suburban Bancorp in the transaction, while Nelson Mullins Riley & Scarborough served as legal counsel to Old Second.

West Suburban Bancorp, Inc. closed its definitive merger agreement with Old Second Bancorp, Inc. (Nasdaq: OSBC). The merger is expected to close in the fourth quarter of 2021, subject to satisfaction of customary closing conditions, including receipt of required regulatory approvals and approval by the shareholders of each company.

The sale of West Suburban, which at $2.9 billion in assets is the second largest privately held bank in the Chicago area, will leave just four privately owned local banks with more than $2 billion in assets. For Old Second, the deal makes it a far more meaningful player in suburban Chicago. Adding West Suburban nearly doubles Old Second’s size. The two banks combined have $6.2 billion in assets, $5.3 billion in deposits and more than 70 branches. The deal creates the 14th largest Chicago-area bank by deposits.

Old Second Bancorp, Inc., headquartered in Aurora, Illinois, is the bank holding company for Old Second National Bank, which operates 29 banking offices across seven counties in northern Illinois. 

West Suburban Bancorp, Inc. was founded in 1962 and is headquartered in Lombard, Illinois. West Suburban Bancorp, Inc. operates as the bank holding company for West Suburban Bank, which maintains 43 banking locations across DuPage, Kane, Kendall, and Will counties in Illinois.

Barack Ferrazzano’s legal team is comprised of Andrew K. Strimaitis (Picture), Andrew J. Gordon and Donald L. Norman. 

The Nelson Mullins team consisted of partners Brennan Ryan, Ann Murray, Maurice Holloway and of counsels Allie Nagy and John Willis.

Involved fees earner: Andrew Gordon – Barack Ferrazzano Kirschbaum & Nagelberg; Donald Norman Jr. – Barack Ferrazzano Kirschbaum & Nagelberg; Andrew Strimaitis – Barack Ferrazzano Kirschbaum & Nagelberg; Maurice Holloway – Nelson Mullins Riley & Scarborough LLP; Ann Murray – Nelson Mullins Riley & Scarborough LLP; Aileen Nagy – Nelson Mullins Riley & Scarborough LLP; Brennan Ryan – Nelson Mullins Riley & Scarborough LLP; John Willis – Nelson Mullins Riley & Scarborough LLP;

Law Firms: Barack Ferrazzano Kirschbaum & Nagelberg; Nelson Mullins Riley & Scarborough LLP;

Clients: Old Second Bancorp Inc.; West Suburban Bancorp;

Author: Sonia Carcano