Old Second Bancorp to acquire 5 Chicago-area branches from First Merchants for $23M premium

OLD SECOND BANCORP INC

Assumes ~$304M in deposits and purchases ~$12M in loans from First Merchants.
Pays deposit premium of 7.5%, or ~$23M cash consideration; closing expected Q4 2024.
Acquisition enhances Old Second's position in Southeast Chicago MSA; First Merchants exits suburban Chicago.
Old Second had $5.7B in assets as of June 30, 2024; transaction subject to regulatory approval.

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