Company: OSBC
Filing Date: 2025-04-23
Form Type: S-4
Source: 0001104659-25-037832
Chunk: 411

Company: OLD SECOND BANCORP INC
Filing Date: 2025-04-23
Form: S-4
Chunk 411
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 of the foregoing, each share of the common stock, $1.00 par value per share, of Bancorp Financial (“Bancorp Financial Common Stock”) issued and outstanding immediately prior to the Effective Time (excluding the Canceled Shares and Dissenting Shares (each as defined in the Agreement)) shall be converted into the right to receive: (i) $15.93 in cash (the “Cash Consideration”) and (ii) 2.5814 shares of the common stock, no par value per share, of Old Second (“Old Second Common Stock” and, such number of shares of Old Second Common Stock, the “Stock Consideration”). The Cash Consideration and the Stock Consideration, taken together, are referred to herein as the “Merger Consideration.” The terms and conditions of the Merger are more fully set forth in the Agreement.

The Agreement also provides that, immediately following the Merger, Evergreen Bank Group, a wholly-owned subsidiary of Bancorp Financial, will merge with and into Old Second National Bank, a wholly-owned subsidiary of Old Second (such merger, the “Bank Merger”) pursuant to a separate bank merger agreement.

KBW has acted as financial advisor to Bancorp Financial and not as an advisor to or agent of any other person. As part of our investment banking business, we are continually engaged in the valuation of bank and bank holding company securities in connection with acquisitions, negotiated underwritings, secondary distributions of listed and unlisted securities, private placements and valuations for various other purposes. As specialists in the securities of banking companies, we have experience in, and knowledge of, the valuation of banking enterprises. We and our affiliates, in the ordinary course of our and their broker-dealer businesses, may from time to time purchase securities from, and sell securities to, Bancorp Financial and Old Second. In addition, as market makers in securities, we and our affiliates may from time to time have a long or short position in, and buy or sell, debt or equity securities of Old Second for our and their own respective accounts and for the accounts of our and their respective customers and clients. We have acted exclusively for the board of directors of Bancorp Financial (the “Board”) in rendering this opinion and will receive a fee from Bancorp Financial for our services. A portion of our fee is payable upon the rendering of this opinion and a portion is contingent upon the successful completion of the Merger. In addition, Bancorp Financial has agreed to indemnify us for certain liabilities arising out of