Aurora-based Old Second set to buy Evergreen Bank Group
The merger agreement was unanimously approved by the boards of directors of both companies and is expected to close in the third quarter of 2025, according to a joint news release from both companies.
James Eccher, who is the chairman, president and CEO of Old Second Bancorp, said in the news release that the merger will 'diversify our revenue streams, enhance our management depth and provide a continuing opportunity to drive long-term stockholder value.
'Most importantly, we believe it enhances our competitive position in Chicago and increases the financial flexibility to continue to build the best bank possible for our customers and communities,' Eccher said.
Once the two companies are combined, Old Second will have around $7 billion in assets, $6 billion in deposits and $5 billion in loans, which company officials said in the release will make it the second largest community bank under $10 billion in assets in the Chicago market.
The combined company is set to have 56 bank branches across the Chicago region, the news release said.
The acquisition will also expand Old Second into new markets through Evergreen Bank Group's powersports loans, according to the news release. FreedomRoad Financial and Performance Finance are both divisions of Evergreen Bank Group.
'By joining forces with Old Second, we are combining our strengths and shared values to create a better bank, offering enhanced services and opportunities for our employees, customers, key partnerships and the communities we serve,' Darin Campbell, chairman of Bancorp Financial, said in the news release. 'Together, we are poised to make an even greater impact and continue our legacy of excellence in banking.'
The merged company is expected to have a diverse asset base, get improved returns and have opportunities for growth, company officials said in the news release. According to Eccher, the merger will also mean 'significantly less volatility and a stronger earnings profile in all rate environments.'
The two banks' cultures are 'highly compatible with a shared commitment to serving clients that will benefit all constituents,' and Old Second is 'extremely excited to welcome Darin and his team into our management team,' Eccher said in the release.
Bancorp Financial stockholders are expected to receive 2.5814 shares of Old Second common stock and $15.93 in cash for each share of Bancorp Financial's common stock, according to the news release.
Company officials said in the release that, based on the $18.08 per share closing price of Old Second common stock on Feb. 24, the implied purchase price is $62.60 per Bancorp Financial common share, so the total transaction value is roughly $197 million.
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