Old Second Bancorp Inc Ill - OSBC STOCK NEWS

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.

Old Second Bancorp (OSBC) and West Suburban Bancorp announced a definitive merger agreement, where Old Second will acquire West Suburban in a cash and stock deal. Shareholders of West Suburban will receive 42.413 shares of Old Second stock and $271.15 in cash per share. The implied purchase price totals approximately $769.93 per share, leading to a transaction value of about $297 million. This merger is expected to create the largest community bank under $10 billion in assets in Chicago, enhancing financial strength and operational efficiency. The deal is anticipated to close in Q4 2021, subject to regulatory and shareholder approvals.

Old Second Bancorp (OSBC) reported second-quarter 2021 net income of $8.8 million, or $0.30 per diluted share, down from $11.9 million in Q1 2021. The decrease reflected a $3.5 million provision for credit losses release. Mortgage banking income fell to $1.6 million, significantly lower than previous quarters. Net interest income declined by 6.8% linked-quarter, driven by lower interest rates. Noninterest income also decreased by 29.9%. The company repurchased 310,900 shares at an average price of $13.55 and declared a $0.05 dividend, illustrating capital return to shareholders amidst ongoing uncertainties.