Company: OSBC
Filing Date: 2025-05-08
Form Type: 424B3
Source: 0001104659-25-046065
Chunk: 58

Company: OLD SECOND BANCORP INC
Filing Date: 2025-05-08
Form: 424B3
Chunk 58
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 strategic alternatives, Bancorp Financial’s board of directors invited representatives of Keefe, Bruyette & Woods, a Stifel Company (which we refer to as “KBW”) to attend a meeting of the board of directors for discussion of various strategic options. On July 24, 2024, Bancorp Financial’s board of directors held a meeting to discuss the state of the banking industry in general, and bank mergers and acquisitions activity in particular. During this meeting, representatives of KBW reviewed information regarding the state of the banking industry and bank merger and acquisition activity. In addition, Bancorp Financial’s board of directors and the KBW representatives discussed Bancorp Financial’s potentially available strategic options, including remaining independent while continuing to execute its strategic plan, and also discussed the potential advantages and disadvantages of a potential sale of the organization. As part of this discussion, the board of directors and the KBW representatives discussed identifying potential strategic partners, including Old Second, in the event that Bancorp Financial decided to pursue a sale transaction rather than remain independent.

In August 2024, Mr. Campbell, at the direction of Bancorp Financial’s board of directors, met with representatives of KBW to further discuss and develop a plan for contacting selected entities regarding their possible interest in a potential strategic transaction. Further to this discussion, Mr. Campbell followed up with Mr. Eccher to continue to discuss Old Second’s potential interest in a future strategic transaction and determine potential advantages and disadvantages regarding a potential transaction. In accordance with Bancorp Financial’s directives, KBW contacted another Chicago-based financial institution to solicit its potential interest in a strategic transaction with Bancorp Financial. This institution indicated that it was not interested in acquiring an institution with a consumer lending focus, and as a result, no further discussions were pursued with this entity.

In late August and early September 2024, Mr. Campbell engaged in further discussions with Mr. Eccher to discuss each party’s respective operations and strategic objectives. In particular, the parties generally discussed their respective businesses, cultures and operating philosophies, the current state of the banking industry, challenges faced by banks in the general economic and regulatory environment, Bancorp Financial’s general ongoing strategy, and the possibility of entering into a strategic transaction. In connection with these discussions, Mr. Eccher also provided Mr. Campbell with publicly available information regarding Old Second’s operations. As a result of these discussions, Bancorp Financial and Old Second agreed to engage in further discussions regarding a possible transaction.

On October 23, 2024, Mr.