Company: OSBC
Filing Date: 2025-05-06
Form Type: S-4/A
Source: 0001104659-25-045103
Chunk: 64

Company: OLD SECOND BANCORP INC
Filing Date: 2025-05-06
Form: S-4/A
Chunk 64
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 The parties and their respective advisors continued to review and exchange updated drafts of the definitive agreement, ancillary agreements and draft disclosure schedules.

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TABLE OF CONTENTS

On February 18, 2025, Bancorp Financial’s board of directors met to review (i) a substantially final, negotiated version of the merger agreement and related ancillary agreements, (ii) a fiduciary duty outline prepared by Vedder Price regarding the board’s fiduciary duties in considering and voting on the proposed strategic transaction, (iii) a summary of the material terms of the merger agreement and related ancillary agreements prepared by Vedder Price, (iv) a financial presentation from KBW and (v) a draft board resolution relating to the proposed transaction. Vedder Price discussed the fiduciary obligations of Bancorp Financial’s directors in considering a sale or merger of the company and answered director questions on the topic. Vedder Price also provided a comprehensive review of the proposed merger agreement. Various provisions of the merger agreement were discussed and director questions regarding the merger agreement were asked and answered. KBW reviewed the financial aspects of the proposed merger, including financial analyses performed by KBW, and rendered to the Bancorp Financial board an opinion to the effect that, as of such date and subject to the procedures followed, assumptions made, matters considered, and qualifications and limitations on the review undertaken by KBW as set forth in its opinion, the merger consideration in the proposed merger was fair, from a financial point of view, to the holders of Bancorp Financial common stock.

The Bancorp Financial board of directors then engaged in a detailed and extensive discussion of the merger agreement and KBW’s financial analyses. The Bancorp Financial board of directors considered the valuation of Bancorp Financial as a stand-alone entity and discussed the attributes of Old Second’s common stock, including its recent market performance, its dividend payout ratio, its trading volume and its relative valuation compared to its peers. The board of directors also discussed Old Second’s commitment to community banking and its desire and commitment to build on Evergreen Bank Group’s powersports lending program. The board also discussed Old Second’s business culture and philosophy. Following extensive discussion and questions and answers, including consideration of the factors described under “Recommendation of the Bancorp Financial Board of Directors and Reasons for the Merger,” Bancorp Financial’s board of directors determined that the merger agreement and the transactions contemplated thereby, including the merger, were in the best interests of Bancorp Financial and its stockholders and authorized Banc