Welcome to our dedicated page for Old Second Bancorp Ill news (Ticker: OSBC), a resource for investors and traders seeking the latest updates and insights on Old Second Bancorp Ill stock.
Old Second Bancorp Inc (OSBC) provides comprehensive financial services as a community banking leader in northern Illinois. This news hub aggregates all official announcements, press releases, and developments for investors and stakeholders.
Access timely updates on quarterly earnings, strategic initiatives, leadership changes, and community impact programs. Our curated collection ensures transparent tracking of OSBC's financial performance and market positioning within the Chicago metropolitan banking sector.
Key coverage areas include interest rate impacts on deposit products, commercial lending expansions, wealth management service updates, and regulatory compliance milestones. All content is sourced directly from verified company communications and reputable financial publications.
Bookmark this page for streamlined access to OSBC's evolving story. Check back regularly for new developments affecting one of Illinois' most established community banking institutions.
Old Second Bancorp (NASDAQ:OSBC) has agreed to purchase 5 Illinois branch locations from First Merchants (NASDAQ:FRME) in the Southeast Chicago MSA. The acquisition will add approximately $304 million in deposits and $12 million in branch-related loans to Old Second's portfolio. Old Second will pay a 7.5% deposit premium, estimated at $23 million in cash consideration.
This transaction enhances Old Second's position in the Chicagoland area, improving its scale and market penetration. For First Merchants, it marks a complete exit from suburban Chicago markets. The deal is expected to close near year-end 2024, subject to regulatory approval. Upon closing, the acquired branches will be rebranded as Old Second branches.
Old Second Bancorp (NASDAQ:OSBC) reported a net income of $21.9 million, or $0.48 per diluted share, for Q2 2024, compared to $21.3 million, or $0.47 per diluted share, in Q1 2024, and $25.6 million, or $0.56 per share, in Q2 2023.
Net income increased by $579,000 from Q1 2024 due to a $626,000 rise in noninterest income and a $364,000 drop in noninterest expense. However, it dropped by $3.7 million year-over-year due to a $3.9 million decrease in net interest income and a $1.8 million rise in provision for credit losses.
Noninterest income rose by 6% sequentially to $11.1 million, and noninterest expense decreased by 1% to $37.9 million. The provision for credit losses increased to $3.8 million in Q2 2024.
Old Second's total assets stood at $5.66 billion, with total loans at $3.98 billion and total deposits at $4.52 billion. The company declared a cash dividend of $0.05 per share, payable on August 5, 2024.
O2 Sponsor Finance, a division of Old Second National Bank (NASDAQ: OSBC), has announced the provision of senior secured credit facilities to support Encore Consumer Capital in acquiring Chalet Desserts. The announcement, made on July 9, 2024, highlights Chalet Desserts as a specialty manufacturer of frozen bakery desserts based in Sacramento, CA. Chalet’s products are distributed through supermarkets, convenience stores, and foodservice markets. Nick O'Brien, Senior VP at O2 Sponsor Finance, expressed enthusiasm about supporting Chalet's growth, acknowledging its leading category position, manufacturing capabilities, and strong management team.
O2 Sponsor Finance, a division of Old Second National Bank (NASDAQ:OSBC), has announced the hiring of Sean Maher as Vice President of Underwriting. The appointment aims to leverage Maher's extensive experience to support the division's continued growth. Since its inception nearly two and a half years ago, O2 Sponsor Finance has significantly expanded its portfolio. Joe Gaffigan, President of O2 Sponsor Finance, emphasized the importance of hiring high-quality individuals like Maher to maintain client satisfaction and drive team growth.
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