Company: OSBC
Filing Date: 2025-02-25
Form Type: 425
Source: 0000357173-25-000021
Chunk: 2

Company: OLD SECOND BANCORP INC
Filing Date: 2025-02-25
Form: 425
Chunk 2
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 In addition, effective immediately after the effective time of the Bank Merger, the board of directors of Old Second National Bank will be increased in size by two and Darin Campbell and Jill Voss will be appointed to the board of directors of Old Second National Bank. Old Second National Bank has agreed to nominate Mr. Campbell and Ms. Voss to stand for election as a director of Old Second National Bank for a one-year term at the 2026 annual meeting of the shareholders of Old Second National Bank. The Merger Agreement contains customary representations and warranties from both Old Second and Bancorp Financial and each party has agreed to customary covenants, including, among others, covenants relating to the conduct of Old Second’s and Bancorp Financial’s businesses during the interim period between the execution of the Merger Agreement and the Effective Time, and, with regard to Bancorp Financial, its obligation to call a meeting of its stockholders to adopt the Merger Agreement and, subject to certain exceptions, to recommend that its stockholders adopt or approve the Merger Agreement. Bancorp Financial has also agreed not to initiate, solicit, or knowingly encourage or facilitate inquiries or proposals with respect to, or, subject to certain exceptions generally related to its board of directors’ exercise of its fiduciary duties (as set forth in the Merger Agreement), engage in any negotiations concerning, or provide any confidential information relating to, any alternative acquisition proposals. The completion of the Merger is subject to customary conditions, including, among others, (a) the adoption of the Merger Agreement and the transactions contemplated thereby by the holders of Bancorp Financial common stock, (b) the receipt of required regulatory approvals including the approval of the Board of Governors of the Federal Reserve System (in connection with the Merger) and the Office of the Comptroller of the Currency (in connection with the Bank Merger), (c) the effectiveness under the Securities Act of 1933, as amended, of the Registration Statement on Form S-4 for the Old Second common stock to be issued in the Merger, (d) the absence of any order, injunction or other legal restraint preventing the completion of the Merger or making the consummation of the Merger illegal, (e) authorization for listing on The Nasdaq Stock Market of the shares of Old Second common stock to be issued in the Merger, and (f) receipt by such party of an opinion from its tax advisor or counsel, as applicable, to the effect that the Merger will qualify