First Merchants sells 5 Illinois branches to Old Second for ~$304M in deposits; expects $23M gain

FIRST MERCHANTS CORP

Old Second to pay 7.5% deposit premium (~$23M cash) to First Merchants for $304M deposits and $12M loans.
Sale completes First Merchants' exit from suburban Chicago; gain of ~$23M expected from the transaction.
Regulatory approvals pending; closing expected in Q4 2024; branches to be rebranded as Old Second.
First Merchants plans to redeploy capital into balance sheet restructuring to drive shareholder value.

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