Old Second Bancorp and Greater Chicago Financial signed a definitive agreement and plan of merger whereby Old Second Bancorp will acquire Greater Chicago Financial and its wholly-owned bank subsidiary, ABC Bank, in an all cash transaction. Under the terms of the agreement, Old Second Bancorp will acquire all of the outstanding common stock of Greater Chicago Financial in a transaction valued at approximately $41.1 million.

Sam Scott, chairman of Greater Chicago Financial, said, “I am proud of the bank our team has built and the positive impact we have had on the communities we serve. We believe this transaction offers benefits to our customers and the communities we serve, value for our shareholders and opportunities for our employees. We are pleased to partner with Old Second, an organization with a demonstrated commitment to its communities. 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.”

“We are extremely pleased to announce the acquisition of Greater Chicago Financial and ABC Bank,” commented James Eccher, president and CEO of Old Second Bancorp. “ABC Bank’s four offices and more than a century of service in the Chicago market are a great complement to our existing footprint. ABC Bank’s track record in meeting the credit needs of its communities is exemplary. This opportunity increases our presence in the city, allows us to leverage our existing capital and will provide customers of ABC Bank with an expanded menu of deposit, lending and financial management products.”

ABC Bank had total assets of $350.4 million as of September 30, 2017, including $246.3 million of total loans.