Old Second Bancorp And First Merchants Corporation Announce Transaction Involving Chicagoland Branch Operations; Old Second Will Purchase 5 Illinois Branch Locations; Old Second Assumes ~$304M In Deposits And Purchasing ~$12M In Brand-Related Loans; Old Second To Pay ~$23M
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Old Second Bancorp is acquiring five Illinois branches from First Merchants Corporation, involving $304 million in deposits and $12 million in loans. The transaction is valued at approximately $23 million.
August 27, 2024 | 12:43 pm
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NEUTRAL IMPACT
First Merchants Corporation is selling five Illinois branches to Old Second Bancorp, involving $304 million in deposits and $12 million in loans. This divestiture may impact First Merchants' market presence in Illinois.
The sale of branches and associated deposits and loans may streamline First Merchants' operations but could also reduce its market presence in Illinois, leading to a neutral short-term impact on its stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Old Second Bancorp is acquiring five Illinois branches from First Merchants Corporation, adding $304 million in deposits and $12 million in loans. This acquisition could strengthen Old Second's market presence and financial position.
The acquisition of branches and significant deposits and loans is likely to enhance Old Second Bancorp's market presence and financial strength, potentially leading to a positive impact on its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90