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Proposed Merger with West Suburban Bancorp, Inc | 9 Months Ended
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Sep. 30, 2021
Proposed Merger with West Suburban Bancorp, Inc |
Proposed Merger with West Suburban Bancorp, Inc | Note 2 – Proposed Merger with West Suburban Bancorp, Inc. ​ On July 25, 2021, the Company and West Suburban Bancorp, Inc. (“West Suburban”) entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”), under which West Suburban will merge with and into Old Second, with Old Second as the surviving corporation. ​ The merger is expected to close in December 2021, subject to the satisfaction of customary closing conditions, including approval by the stockholders of the Company and the shareholders of West Suburban. Subject to the terms and conditions of the Merger Agreement, if the merger closes, each West Suburban shareholder will receive 42.413 shares of Company common stock and $271.15 in cash, without interest, for each share of West Suburban common stock owned by the shareholder. ​ Based on the number of outstanding shares of Company common stock and West Suburban common stock as of September 30, 2021, and based on the exchange ratio of 42.413, it is expected that the Company’s stockholders will hold approximately 64% and West Suburban’s shareholders will hold approximately 36% of the issued and outstanding shares of Company common stock immediately following the closing of the merger. ​

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