Old Second Bancorp in Aurora, Ill., will soon start redeeming shares it issued as part of the Troubled Asset Relief Program.
The $2 billion-asset company disclosed in a regulatory filing Friday that it will buy back a third of the 47,000 shares of preferred stock that it sold to the Treasury Department in January 2009. Old Second will pay nearly $16 million, along with any accrued and unpaid interest, for the shares in a transaction set to take place at the end of this month.
The Treasury auctioned Old Second's preferred stock to third parties in early 2013.
