Company: OSBC
Filing Date: 2025-04-23
Form Type: S-4
Source: 0001104659-25-037832
Chunk: 66

Company: OLD SECOND BANCORP INC
Filing Date: 2025-04-23
Form: S-4
Chunk 66
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 of directors believes that the merger is advisable to and in the best interests of its stockholders. Accordingly, Bancorp Financial’s board of directors has unanimously approved the merger agreement and the transactions contemplated by the merger agreement, and recommends that Bancorp Financial’s stockholders vote “FOR” approval of the merger agreement.

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TABLE OF CONTENTS

In reaching its decision to approve the merger agreement and the transactions contemplated by the merger agreement, Bancorp Financial’s board of directors consulted with Bancorp Financial’s outside legal counsel and Bancorp Financial’s financial advisor regarding the merger and considered a variety of factors, including the following:

•

the Bancorp Financial board of directors’ familiarity with and review of Bancorp Financial’s business, financial condition, results of operations and prospects, including, but not limited to, its business plan and its potential for continued growth, development and profitability, including the strength and value of its powersports lending business;

•

the current and prospective environment in which Bancorp Financial operates, including national and local economic conditions, the competitive environment for financial institutions generally, the increased regulatory burden on financial institutions generally, and the trend toward consolidation in the financial services industry;

•

the Bancorp Financial board of directors’ belief that Bancorp Financial needs to continue to grow to be in a position to deliver a competitive return to its stockholders;

•

the Bancorp Financial board of directors’ review, with the assistance of Bancorp Financial’s legal and financial advisors, of potentially available strategic alternatives to the merger, including remaining independent and potential alternative acquisition opportunities that might be available to Bancorp Financial;

•

the likelihood that acquisition opportunities for Bancorp Financial as a buyer are limited since Bancorp Financial, as a privately-held company, would most likely need to use cash, instead of its stock, in acquisitions;

•

the Bancorp Financial board of directors’ review, based in part on Bancorp Financial’s due diligence performed in connection with the transaction, of Old Second’s business, financial condition, results of operations and management; the recent performance of Old Second’s common stock on both a historical and prospective basis; the strategic fit between the parties; the potential synergies expected from the merger; and the business risks associated with the merger;

•

the expectation that the historical liquidity of Old Second’s common stock will offer Bancorp Financial stockholders the opportunity to participate in the growth and opportunities of Old Second by retaining their Old Second common stock following the merger, or to exit their investment, should they prefer to do so;

•

the expected pro