Old Second in Ill. Lowers Projected Proceeds from Public Offering

By Amilda Dymi April 04, 2014, 1:23 p.m. EDT 1 Min Read

Community banking

Old Second in Ill. to Raise $70M, Buy Tarp Shares

Old Second Bancorp (OSBC) in Aurora, Ill., is set to begin a stock offering that could help it dig out of a deep capital hole.

By Chris Cumming

January 17

Old Second Bancorp (OSBC) in Aurora, Ill., is tempering its expectations for its planned public offering.

The $2 billion-asset company said it expects to raise about $56 million after pricing its upcoming offering of common stock. The company originally said it would raise $70 million.

Old Second said on Friday that it would sell 13.5 million shares of common stock at $4.40 each on or around April 8.

Keefe, Bruyette & Woods, Sandler O'Neill and FIG Partners are managing the offering.

The company said it is offering the underwriters a 30-day window to purchase shares representing gross proceeds of up to an additional $8.9 million "to cover over-allotments, if any."

Amilda Dymi

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