Company: OSBC
Filing Date: 2025-05-06
Form Type: S-4/A
Source: 0001104659-25-045103
Chunk: 76

Company: OLD SECOND BANCORP INC
Filing Date: 2025-05-06
Form: S-4/A
Chunk 76
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 described in KBW’s opinion)) or holders of any class of securities of Old Second or any other party to any transaction contemplated by the merger agreement;

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whether Old Second has sufficient cash, available lines of credit or other sources of funds to enable it to pay the aggregate cash consideration to the holders of Bancorp Financial common stock at the closing of the merger; the actual value of Old Second common stock to be issued in the merger;

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the prices, trading range or volume at which Old Second common stock would trade following the public announcement of the merger or the consummation of the merger;

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any advice or opinions provided by any other advisor to any of the parties to the merger or any other transaction contemplated by the merger agreement; or

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any legal, regulatory, accounting, tax or similar matters relating to Bancorp Financial, Old Second, their respective stockholders, or relating to or arising out of or as a consequence of the merger or any related transactions (including the bank merger), including whether or not the merger would qualify as a tax-free reorganization for United States federal income tax purposes.

In performing its analyses, KBW made numerous assumptions with respect to industry performance, general business, economic, market and financial conditions and other matters, which are beyond the control of KBW, Bancorp Financial and Old Second. Any estimates contained in the analyses performed by KBW are not necessarily indicative of actual values or future results, which may be significantly more or less favorable than suggested by these analyses. Additionally, estimates of the value of businesses or securities do not purport to be appraisals or to reflect the prices at which such businesses or securities might actually be sold. Accordingly, these analyses and estimates are inherently subject to substantial uncertainty. In addition, KBW’s opinion was among several factors taken into consideration by the Bancorp Financial board of directors in making its determination to approve the merger agreement and the merger. Consequently, the analyses described below should not be viewed as determinative of the decision of the Bancorp Financial board of directors with respect to the fairness of the merger consideration. The type and amount of consideration payable in the merger were determined through negotiation between Bancorp Financial and Old Second and the decision of Bancorp Financial to enter into the merger agreement was solely that of the Bancorp Financial board of directors.

The following is a summary of the material financial analyses presented by KBW to the Bancorp Financial board of directors in connection with its opinion. The summary is not a complete description of the financial analyses underlying the opinion or the presentation made by KB