Company: OSBC
Filing Date: 2025-05-08
Form Type: 424B3
Source: 0001104659-25-046065
Chunk: 140

Company: OLD SECOND BANCORP INC
Filing Date: 2025-05-08
Form: 424B3
Chunk 140
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 time the transaction commenced (excluding shares held by directors who are also officers and certain employee benefit plans); or (3) the business combination is approved by the board of directors and authorized at a stockholder meeting by the affirmative vote of at least two-thirds of the outstanding voting stock not owned by the interested stockholder.

The provisions of Section 203 may encourage companies interested in acquiring Old Second to negotiate in advance with the Old Second board of directors and may have the effect of discouraging or delaying a change of control of Old Second that might otherwise be considered favorable by stockholders.

#### Banking Laws.
The ability of a third party to acquire control of Old Second is also subject to applicable banking laws and regulations. Under the Bank Holding Company Act of 1956 and the regulations thereunder, any “bank holding company” (as defined therein) is required to obtain prior approval from the Federal Reserve Board before acquiring 25% or more of any class of Old Second voting securities or otherwise obtaining a controlling interest in Old Second.

Any person other than a bank holding company is generally required to obtain the prior approval of the Federal Reserve Board before acquiring 10% or more of any class of Old Second voting securities, if certain other conditions are met, under the Change in Bank Control Act of 1978. In addition, federal law prohibits any person or company from acquiring “control” of an FDIC-insured depository institution or its holding company without prior notice or approval from the appropriate federal banking regulator.

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In 2020, the Federal Reserve Board issued a final rule codifying its standards for determining whether a company controls a bank or bank holding company. The rule establishes presumptions of control based on the percentage of voting securities held and other indicia of influence, such as director representation, contractual rights, business relationships, and cross-ownership. As ownership levels increase (e.g., 5 – 9.9%, 10 – 14.9%, 15 – 24.9%), the number of other permissible relationships decreases before a presumption of control arises.

Under the final rule, investors may own up to 24.9% of the voting securities and up to 33% of the total equity of a company without necessarily being deemed to control it, depending on other relationships and rights. For purposes of determining whether these thresholds are met, bank regulators may include securities convertible into or settled in voting stock (such as options or warrants) in calculating an investor’s total ownership.