A Nelson Mullins team recently represented Old Second Bancorp Inc. in its definitive merger agreement to acquire West Suburban Bancorp Inc. in a cash and stock transaction. The deal team consisted of partners Brennan Ryan, Ann Murray, Maurice Holloway and of counsels Allie Nagy and John Willis.

 Under the terms of the merger agreement, which was unanimously approved by the Boards of Directors of both companies, West Suburban shareholders will receive 42.413 shares of Old Second common stock and $271.15 in cash for each share of West Suburban common stock, for total consideration consisting of approximately 65% stock and 35% cash. Based on the closing price of Old Second common stock of $11.76 per share on July 23, 2021, the implied purchase price is $769.93 per share, with an aggregate transaction value of approximately $297 million. 

 The pro forma company will have approximately $6.2 billion in assets,$5.3 billion in deposits, and $3.4 billion in loans and will create the largest community bank under $10 billion in assets in the Chicago market, according to the two banks. Together, the combined company will have exceptional strategic positioning with the scale to compete and prioritize investments in technology and growth.

View Global Legal Chronicle article here.