Company: OSBC
Filing Date: 2025-04-23
Form Type: S-4
Source: 0001104659-25-037832
Chunk: 70

Company: OLD SECOND BANCORP INC
Filing Date: 2025-04-23
Form: S-4
Chunk 70
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15.93 and the per share stock consideration of 2.5814 shares of Old Second common stock, taken together) 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 approved the merger agreement at this meeting.

The description of the opinion set forth herein is qualified in its entirety by reference to the full text of the opinion, which is attached as Annex B to this document and is incorporated herein by reference, and describes the procedures followed, assumptions made, matters considered, and qualifications and limitations on the review undertaken by KBW in preparing the opinion.

KBW’s opinion speaks only as of the date of the opinion. The opinion was for the information of, and was directed to, the Bancorp Financial board of directors (in its capacity as such) in connection with its consideration of the financial terms of the merger. The opinion addressed only the fairness, from a financial point of view, of the merger consideration in the merger to the holders of Bancorp Financial common stock. It did not address the underlying business decision of Bancorp Financial to engage in the merger or enter into the merger agreement or constitute a recommendation to the Bancorp Financial board of directors in connection with the merger, and it does not constitute a recommendation to any holder of Bancorp Financial common stock or any stockholder of any other entity as to how to vote or act in connection with the merger or any other matter, nor does it constitute a recommendation regarding whether or not any such stockholder should enter into a voting, support, investor, stockholders’, or affiliates’ agreement with respect to the merger or exercise any dissenters’ or appraisal rights that may be available to such stockholder.

KBW’s opinion was reviewed and approved by KBW’s Fairness Opinion Committee in conformity with its policies and procedures established under the requirements of Rule 5150 of the Financial Industry Regulatory Authority.

In connection with the opinion, KBW reviewed, analyzed and relied upon material bearing upon the financial and operating condition of Bancorp Financial and Old Second and bearing upon the merger, including, among other things:

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TABLE OF CONTENTS

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a draft of the merger agreement dated February 17, 2025 (the most recent draft then made available to KBW);

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the audited financial statements for the three fiscal years ended December 31, 2023 of Bancorp Financial;

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the unaudited financial statements for the fiscal quarters ended March 31