Company: OSBC
Filing Date: 2025-02-25
Form Type: 425
Source: 0000357173-25-000021
Chunk: 1

Company: OLD SECOND BANCORP INC
Filing Date: 2025-02-25
Form: 425
Chunk 1
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1.01 | Entry into a Definitive Material Agreement. |

On February 24, 2025, Old Second Bancorp, Inc. (“ Old Second ”) and Bancorp Financial, Inc. (“ Bancorp Financial ”) entered into an Agreement and Plan of Merger (the “ Merger Agreement ”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Bancorp Financial will merge with and into Old Second, with Old Second continuing as the surviving entity (the “ Merger ”). Immediately following the Merger, Evergreen Bank Group, an Illinois state-chartered bank and wholly-owned subsidiary of Bancorp Financial, will merge with and into Old Second National Bank, a national banking association and wholly-owned subsidiary of Old Second, with Old Second National Bank continuing as the surviving bank (the “ Bank Merger ”). The Merger Agreement was unanimously approved by the boards of directors of Old Second and Bancorp Financial. Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger (the “ Effective Time”), each Bancorp Financial stockholder will receive 2.5814 shares (the “ Exchange Ratio ”) of Old Second common stock (the “ Stock Consideration ”) and $15.93 in cash (the “ Cash Consideration ”) for each share of Bancorp Financial common stock owned by the stockholder. Holders of Bancorp Financial common stock, subject to certain exceptions, will also be entitled to receive cash in lieu of fractional shares of Old Second common stock. The Merger Agreement provides that, at the Effective Time, each restricted stock unit award granted under the Bancorp Financial equity plan with respect to shares of Bancorp Financial common stock outstanding as of the Effective Time shall, by virtue of the Merger, become fully vested and terminated and converted into the right to receive from Old Second, (i) the Cash Consideration and (ii) the Stock Consideration, with respect to each share of Bancorp Financial common stock subject to such restricted stock unit award immediately prior to the Effective Time. The Merger Agreement provides that, effective immediately after the Effective Time, the board of directors of Old Second will be increased in size by one and Darin Campbell will be appointed to the board of directors of Old Second as a Class I director. Old Second has agreed to nominate Mr. Campbell to stand for election for a three-year term as a Class I director at the 2026 annual meeting of the stockholders of Old Second.