Old Second Bancorp acquires Greater Chicago Financial in $41.1 million deal


Old Second will also acquire Greater Chicago Financial's wholly owned bank subsidiary, ABC Bank.   File image

Old Second Bancorp recently signed a merger agreement to acquire the Greater Chicago Financial Corp. in a $41.1 million deal.

Old Second will also acquire Greater Chicago Financial's wholly owned bank subsidiary, ABC Bank, in the cash transaction.

"I am proud of the bank our team has built and the positive impact we have had on the communities we serve," Greater Chicago Financial Chairman Sam Scott said in a press release. "We believe this transaction offers benefits to our customers and the communities we serve, value for our shareholders and opportunities for our employees. We want to assure ABC Bank customers, shareholders and employees that we will work to make the process as smooth as possible as we progress towards the closing of the transaction."

According to companies, the merger is slated to close in the second quarter of 2018.

"We are extremely pleased to announce the acquisition of Greater Chicago Financial Corp. and ABC Bank," Old Second Bancorp President and CEO James Eccher said in a statement. "ABC Bank's four offices and more than a century of service in the Chicago market are a great complement to our existing footprint."

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