Company: OSBC
Filing Date: 2025-05-08
Form Type: 424B3
Source: 0001104659-25-046065
Chunk: 64

Company: OLD SECOND BANCORP INC
Filing Date: 2025-05-08
Form: 424B3
Chunk 64
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 community banking and its desire and commitment to build on Evergreen Bank Group’s powersports lending program. The board also discussed Old Second’s business culture and philosophy. Following extensive discussion and questions and answers, including consideration of the factors described under “Recommendation of the Bancorp Financial Board of Directors and Reasons for the Merger,” Bancorp Financial’s board of directors determined that the merger agreement and the transactions contemplated thereby, including the merger, were in the best interests of Bancorp Financial and its stockholders and authorized Bancorp Financial’s management to execute and deliver the merger agreement. Following the Bancorp Financial board of directors meeting, Bancorp Financial informed Old Second that the Bancorp Financial board had approved the merger agreement and the proposed transaction.

On February 19, 2025, Old Second’s board of directors held a meeting to discuss the proposed transaction and to review the final terms of the merger agreement. Mr. Eccher provided an overview of the process that led to the transaction. Representatives of Nelson Mullins reviewed in detail the terms of the agreement. Management also reported to the board the results of Old Second’s due diligence investigation of Bancorp Financial. Further, representatives of Piper reviewed with the board of directors its analysis of the financial terms contained in the merger agreement. The board discussed the advantages and rationales for proceeding with the transaction and determined that it was in the best interests of Old Second’s stockholders to proceed with the transaction on the terms provided in the merger agreement. Based on this and its previous discussions, the Old Second board of directors unanimously approved proceeding with finalizing the negotiation of the merger agreement. Representatives of Old Second reported the board’s actions to Bancorp Financial’s representatives following the meeting.

Following the Old Second board meeting, the parties’ representatives made certain non-material changes to, and finalized, the merger agreement, ancillary agreements and disclosure schedules. On February 24, 2025, Old Second’s board of directors held a special meeting. At this meeting, representatives of Piper reviewed with the board of directors its analysis of the financial terms contained in the merger agreement and thereafter, the board unanimously approved the merger agreement and the issuance of shares as a part of the merger consideration as contemplated in the merger agreement. On the afternoon of February 24, 2025, Bancorp Financial and Old Second executed the merger agreement and issued a joint press release on February 25, 2025 announcing the transaction.

Recommendation of the Bancorp Financial Board of Directors and Reasons for the Merger

Bancorp Financial’s board of directors