Old Second Bancorp Inc Ill Stock Price, News & Analysis

Old Second Bancorp announced that its division, O2 Sponsor Finance, provided $41.5 million in senior secured credit facilities to support Borgman Capital's acquisition of Dairyfood USA. This acquisition enhances the product portfolio and customer base of Borgman's portfolio company, Gilman Cheese Corporation, which specializes in processed cheeses. Dairyfood USA is recognized for producing a variety of private label products and is the largest producer of smoked Gouda in the U.S. The collaboration aims to strengthen their market position and operational synergies.

Old Second Bancorp announced that its O2 Sponsor Finance division provided over $22.8 million in secured financing to assist Cairngorm Capital Partners and SageHome Inc. with their acquisition of New Bath Today Inc. This acquisition aims to enhance services for aging seniors by bridging healthcare and home modification. SageHome specializes in home services allowing seniors to live independently, while New Bath Today focuses on bathroom renovations, particularly for safety. The deal anticipates growth in the senior living market.

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.