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Old Second Bancorp Inc. (NASDAQ: OSBC) is a bank holding company headquartered in Aurora, Illinois. Operating since 1871, it remains one of the oldest financial institutions in the region. Through its primary subsidiary, Old Second National Bank, the company offers a comprehensive suite of consumer and commercial banking products and services. These include demand, money market, savings, time deposit, and individual retirement accounts, alongside various lending products such as commercial, industrial, consumer, and real estate loans.
Old Second Bancorp has a significant presence in the Chicago metropolitan area, tracing its heritage to supporting the growth and evolution of the local economy. The bank's operations span across Kane, Kendall, DeKalb, DuPage, Cook, LaSalle, and Will counties, reflecting its deep-rooted commitment to community development.
The bank’s core services encompass installment loans, student loans, agricultural loans, lines of credit, overdraft checking, safe deposit operations, trust services, and wealth management. This broad array of financial offerings caters to the varied needs of individuals, small to medium enterprises (SMEs), and larger corporate clients.
Old Second Bancorp’s consistent financial performance is underscored by its recent achievements. As of the second quarter of 2023, the company reported a net income of $25.6 million, marking an increase from the previous quarters. The financial results of subsequent quarters reflect a robust revenue stream primarily driven by interest, commissions, payments, and other income. The company's strong balance sheet and credit rating are testament to its prudent fiscal management and strategic investments.
In addition to its traditional banking services, Old Second Bancorp has a specialized division known as O2 Sponsor Finance. This division provides cash flow-based loans to lower middle-market businesses, supporting private equity sponsors, independent sponsors, and family offices in their acquisitions or recapitalizations.
Old Second Bancorp remains focused on optimizing its operations and reducing sensitivity to market fluctuations. The management's strategic vision involves maintaining a strong capital position and delivering sustainable growth while navigating the complexities of the financial environment.
Overall, Old Second Bancorp Inc. stands out for its rich heritage, commitment to community banking, and resilient financial performance, making it a trusted banking partner in the Chicago region and beyond.
Gregory S. Pike has been appointed as Executive Vice President and Chief Credit Officer at Old Second National Bank, effective April 29, 2022. With over 20 years of experience in commercial credit, Pike will oversee the bank's credit administration, investment analysis, and risk management functions. His prior roles include Senior Vice President at First American Bank and Managing Director at BMO Harris Bank. Old Second Bancorp, the parent company, operates the bank which has been in business for 150 years and trades under the symbol OSBC on NASDAQ.
Old Second National Bank has enhanced its partnership with Jack Henry to bolster its digital growth strategy. The collaboration is expected to yield operational efficiencies and advanced banking services by utilizing Jack Henry's technology, including the Banno Digital Platform and jhaEnterprise Workflow. This expansion follows a seven-year modernization journey to upgrade Old Second's technology infrastructure. The bank aims to better serve its customers with innovative fintech solutions via Jack Henry's extensive network of partners.
Old Second Bancorp (NASDAQ:OSBC) has received an Outstanding rating from the Office of the Comptroller of the Currency (OCC) in its recent Community Reinvestment Act (CRA) Performance Evaluation for 2018-2020. This rating reflects Old Second's commitment to supporting low- and moderate-income individuals and communities. Key highlights include significant community development lending and innovative support for LMI borrowers during the COVID pandemic. The bank aims to continue its efforts in economic growth and affordable housing, with substantial investments in community enhancement.
Sylvia Balogh has been promoted to Executive Vice President of Retail Banking at Old Second National Bank, overseeing 48 branches in the Chicago Metro area. With over 25 years of banking experience, her expertise includes regional sales management and business banking. Balogh joined Old Second in 2019 and previously held senior roles at Fifth Third Bank and Byline Bank. Old Second Bancorp, headquartered in Aurora, Illinois, celebrated its 150-year anniversary in 2021. The company's stock trades under the symbol OSBC.
Old Second Bank has launched O2 Sponsor Finance in Chicago, enhancing its position in the banking sector. This new division, led by seasoned professionals, will target lower middle market companies with revenues between $10 million and $100 million, providing senior cash flow loans and secured credit facilities. As of September 30, 2021, Old Second had approximately $6.2 billion in assets. The recent merger with West Suburban Bancorp is expected to create additional value for shareholders. The team brings a strong track record, having delivered over $3 billion in commitments to private equity sponsors.
Old Second Bancorp (NASDAQ:OSBC) has successfully merged with West Suburban Bancorp, effective December 1, 2021. The merger agreement stipulates that West Suburban shareholders will receive 42.413 shares of Old Second stock and $271.15 in cash per share. Following the merger, Old Second will have approximately $6.2 billion in assets and a network of 65 locations in the Chicago market. The merger aims to enhance service offerings and create value for stakeholders.
Old Second Bancorp and West Suburban Bancorp have received shareholder approval for their merger, announced on July 25, 2021, which will close on December 1, 2021, pending customary conditions. The pro forma combined company will hold approximately $6.2 billion in assets, $5.3 billion in deposits, and $3.4 billion in loans, establishing it as one of the largest community banks under $10 billion in assets in the Chicago area. Both banks aim to enhance their market reach and overall value for shareholders.
Old Second Bancorp (OSBC) reported a third quarter 2021 net income of $8.4 million, down from $8.8 million in Q2 2021 and $10.3 million in Q3 2020. This included a $1.5 million release of provision for credit losses. Residential mortgage banking revenue rose to $2.7 million but fell short of $6.1 million a year earlier. Noninterest income increased to $9.3 million from $7.9 million in Q2 2021. Total noninterest expense rose to $22.1 million, partly due to merger-related costs of $425,000. The company announced a $0.05 dividend per share, payable on November 8, 2021.
Old Second Bancorp, Inc. (OSBC) has received regulatory approvals for its merger with West Suburban Bancorp, Inc., paving the way for the transaction to close in early December 2021. Following stockholder approvals and customary conditions, this merger is anticipated to enhance Old Second's financial strength and competitive position in the Chicago metropolitan market. The combined institutions will operate 64 full-service banking branches across several counties, aiming to deliver improved services to customers and create growth opportunities for shareholders.
Old Second Bancorp (NASDAQ: OSBC) announced a board expansion to 14 members with the appointment of Dennis Klaeser, effective August 17, 2021. Klaeser, former CFO of TCF Financial Corporation, brings significant banking industry experience. Chairman William Skoglund expressed confidence in Klaeser's ability to enhance value for shareholders. Klaeser will serve a Class II director role until the 2024 annual meeting and will join the Audit and Risk Committees. Old Second has over $3.2 billion in assets and operates across northern Illinois.
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