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."