Overview
Barack Ferrazzano served as legal counsel to Pontiac Bancorp, Inc. (“Pontiac”), the holding company of Bank of Pontiac, in connection with its agreement and plan of merger to acquire Ottawa Bancorp, Inc. (“Ottawa Bancorp”), the holding company of OSB Community Bank (“OSB”). Following the closing of the transaction, which is anticipated in the first quarter of 2027, Pontiac will merge OSB with and into Bank of Pontiac, and the surviving bank will operate under the Bank of Pontiac name.
The transaction, approved by the boards of directors of both Pontiac and Ottawa Bancorp, and subject to Ottawa Bancorp shareholder and regulatory approval, provides for cash consideration of $45.5 million. The combined institution is expected to have approximately $1.5 billion in total assets and 18 banking offices, including OSB’s three full-service locations and one loan production office in LaSalle and Grundy Counties.
“We are excited to welcome the customers, employees, and communities of OSB Community Bank to Bank of Pontiac. This partnership brings together two Illinois community banks that share the same commitment to relationship-based service, local decision-making, and the long-term success of the markets we serve. OSB Community Bank has built an outstanding reputation, and together we will have the scale, expanded product set, and broader footprint to better serve our customers. Our goal has always been to grow in a way that strengthens the communities we serve and increases shareholder value, and this transaction does exactly that.” — Mark Donovan, President and CEO of Bank of Pontiac
Barack Ferrazzano’s legal team was led by Financial Institutions Group partner Abdul R. Mitha, with assistance from associate Zoe Xiuha Uvin. Compensation and benefits matters were handled by partners Andrew K. Strimaitis and Michael J. Poland and associate Christopher R. Boyd.
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