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- Regional bank Old Second (NASDAQ:OSBC) has entered into an agreement with First Merchants (FRME) to buy 5 of its Illinois branches as well as branch related loans and deposits, their parent companies said on Tuesday in a joint statement.
- Old Second anticipates assuming about $304M in deposits and purchasing approximately $12M in branch-related loans from the acquisition.
- Old Second will pay a deposit premium of 7.5%, or $23M, in cash consideration to First Merchants.
- The branches to be acquired by Old Second will operate as First Merchants branches until closing and will be rebranded as Old Second branches immediately upon closing of the transaction.
- The closing is expected to occur near year-end 2024.
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