Company: OSBC
Filing Date: 2025-05-08
Form Type: 424B3
Source: 0001104659-25-046065
Chunk: 59

Company: OLD SECOND BANCORP INC
Filing Date: 2025-05-08
Form: 424B3
Chunk 59
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 Campbell provided the company’s board of directors with an update regarding management’s review of the company’s strategic options, including remaining independent and considering a possible sale transaction. The board of directors indicated that the management team should continue, with the assistance of KBW and Bancorp Financial’s legal counsel, Vedder Price P.C., to analyze and explore various potentially available strategic options, including remaining independent or pursuing a potential sale of the company.

Following this meeting, in early November 2024, Mr. Campbell sent an update to the board of directors in advance of its November 20, 2024 meeting to provide the board with an outline of the potential advantages and disadvantages of pursuing a strategic transaction with Old Second, as well as the advantages and disadvantages of remaining independent. Mr. Campbell also indicated that he planned to meet with Mr. Eccher to further discuss a potential transaction and that he would provide a further update to the board at its November 2024 meeting.

On November 8, 2024, Mr. Campbell and Mr. Eccher met to further discuss the potential benefits of a combination of Bancorp Financial with Old Second. In addition, the parties discussed entering into a Confidentiality Agreement to enable the parties to share additional information and continue discussions. As a result, Vedder Price prepared a draft Confidentiality Agreement which was reviewed by Old Second’s counsel. The parties finalized and entered into the Confidentiality Agreement on November 20, 2024.

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In addition, on November 20, 2024, Bancorp Financial’s board of directors met and discussed with the company’s management team the potential benefits of a strategic transaction as well as Old Second’s continued interest in further exploring a potential transaction. In addition, the board and management team discussed the option of remaining independent and continuing to implement its current business plan. Following this discussion, the Bancorp Financial board, after thoroughly considering a number of factors, including those included in the section captioned “Recommendation of the Bancorp Financial Board of Directors and Reasons for the Merger,” and after carefully reviewing and considering the trade-offs of holding a competitive auction versus a negotiated sale, determined it was in the best interests of Bancorp Financial’s stockholders to continue exploring a potential combination with Old Second, and directed management to continue discussions with Old Second to determine whether a transaction could be negotiated that would be in the best interests of the company’s stockholders.

Following the November 20, 2024 board meeting, Bancorp