The BFKN Compensation & Employment group served as counsel to West Suburban Bancorp, Inc. in 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.
BFKN's legal team is comprised of Andrew K. Strimaitis, Andrew J. Gordon and Donald L. Norman.
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