Some branch deals come with added value.
A case in point is the $2 billion-asset Old Second Bancorp's agreement to buy a branch in Chicago from Talmer Bancorp in Troy, Mich., in a deal that includes deposits, assets and a vice chairman.
Old Second, of Aurora, Ill., said in a press release Monday that the deal includes Gary Collins, Talmer's vice chairman. After the deal closes in the fourth quarter, Collins is expected to join Old Second as vice chairman and a director.
Talmer is in the process of being sold to Chemical Financial in Midland, Mich.
Collins has been vice chairman of the $6.7 billion-asset Talmer since 2011.
Old Second said its branch deal with Talmer includes $82 million in deposits and $238 million in loans. The price was not disclosed. Old Second said it also plans to appoint Hugh McLean, president of Talmer's Illinois region, as a director of its bank.
Collins and McLean "bring a wealth of experience to our management team," James Eccher, Old Second's president and chief executive, said in the release.
Barack Ferrazzano Kirschbaum & Nagelberg was Old Second's legal adviser.