Old Second Bancorp, Inc. (Nasdaq: OSBC) and Greater Chicago Financial Corp. have jointly announced the signing of a definitive agreement and plan of merger whereby Old Second Bancorp will acquire Greater Chicago Financial Corp. and its wholly-owned bank subsidiary, ABC Bank.
D.A. Davidson & Co. has served as exclusive financial advisor to Greater Chicago in the acquisition. The all-cash transaction is valued at approximately $41.1 million and expected to close during the second quarter of 2018.
The partnership provides new customers in Chicago for Aurora, Ill.-based Old Second, allowing Old Second to increase its presence and expand market lending into an adjacent geographic area that complements its existing footprint.
Find the full details in the companies’ official announcement here.