FORM 4

 o Check this box if no longer subject to Section 16.  Form 4 or Form 5 obligations may continue.
See Instruction 1(b).

(Print or Type Responses)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section
17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the
Investment Company Act of 1940

OMB APPROVAL

OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden
hours per response. . . 0.5

 1. Name and Address of Reporting Person *

(Last)            (First)              (Middle)

(Street)

(City)       (State)          (Zip)

 2. Issuer Name and Ticker
    or Trading Symbol

 3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary)

 4. Statement for
    Month/Day/Year

 5. If Amendment, Date of
    Original (Month/Day/Year)

 6. Relationship of Reporting Person(s) to Issuer

     (Check all applicable)

  XX  Director

        10% Owner

        Officer (give title below)

        Other (specify below)

 7. Individual or Joint/Group
     Filing (Check Applicable Line)

   XX   Form filed by One Reporting Person

           Form filed by More than One Reporting Person

1. Title of Security
(Instr. 3)

2. Transaction Date (Month/Day/
Year)

2A. Deemed Execution Date, if any (Month/Day/
Year)

3. Transaction Code
(Instr. 8)

4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)

5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)

6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)

7. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

V

Amount

(A) or (D)

Price

Old Second Bancorp Inc. Common Stock

Common Stock

6,064

I

401-(k) Plan

Common Stock

*20,079

I

Profit Sharing Plan

Common Stock

2-14-03

M

2,201

A

$15.33

Common Stock

2-14-03

M

8,800

A

$23.69

Common Stock

2-14-03

D

11,001

D

$37.50

266

D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date
(Month/Day/
Year)

3A. Deemed Execution Date, if any (Month/Day/
Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Securities: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

V

(A)

(D)

Date
Exercisable

Expiration
Date

Title

Amount or Number of Shares

Old Second Bancorp Inc. Phantom Stock

1,375

D

Employee Stock Option

Right to buy

$15.33

2-14-03

M

2,201

12-10-97

12-10-06

Common St.

2,201*

0

D

"

$22.69

2-14-03

M

8,800

12-10-96

12-10-07

Common St.

8,800*

0

D

Total-11,001 Disposition

Remaining Options

Right to buy

"

$37.61

12-17-03

12-17-12

Common St.

16,000

16,000

D

"

$29.42-Restated

12-18-02

12-18-11

Common St.

16,000

16,000

D

"

$17.82-Restated

12-19-01

12-19-10

Common St.

13,333

13,333

D

"

$20.91-Restated

12-14-00

12-14-09

Common St.

11,333

11,333

D

"

$19.50-Restated

12-10-99

12-8-08

Common St.

10,666

10,666

D

Total Remaining Options-67,332

 Explanation of Responses:

* Options adjusted for 5 for 4 stock split effected 6-17-96, 2 for 1 split effected 5-17-99 and 4 for 3 split, effected 6-24-02.

** Signature of Reporting Person

Date