UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  October 17, 2013

 

Old Second Bancorp, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

0-10537

 

36-3143493

(State or other jurisdiction
of incorporation)

 

(Commission File Number)

 

(I.R.S. Employer Identification
No.)

 

37 South River Street
Aurora, Illinois  60507
(Address of principal executive offices) (Zip code)

 

(630) 892-0202
(Registrant’s telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


 

Item 1.02. Termination of Material Definitive Agreement

 

On October 17, 2013, the Office of the Comptroller of the Currency (the “OCC”) terminated the Consent Order that it had entered into with Old Second National Bank (the “Bank”), the wholly-owned subsidiary of Old Second Bancorp, Inc., on May 16, 2011.  The OCC is the primary federal regulator of the Bank.

 

Even though the Consent Order has been terminated, the Bank is still subject to the risk-based capital regulatory guidelines, which include the methodology for calculating the risk-weighting of the Bank’s assets, developed by the OCC and the other bank regulatory agencies.  In connection with the current economic environment, the Bank’s current level of nonperforming assets and the risk-based capital guidelines, the Bank’s board of directors has determined that the Bank should maintain a Tier 1 leverage capital ratio at or above eight percent (8%) and a total risk-based capital ratio at or above twelve percent (12%).  The Bank currently exceeds those thresholds.

 

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Signature

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: October 18, 2013

OLD SECOND BANCORP, INC.

 

 

 

 

 

By:

/s/ J. Douglas Cheatham

 

Name:

J. Douglas Cheatham

 

Title:

Executive Vice President and Chief Financial Officer

 

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