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Old Second Bank insiders would profit on former federal bailout shares

from Crain's Chicago Business

Six directors of the parent of Aurora-based Old Second National Bank would collect a substantial profit if the company goes forward with a plan to issue $70 million in new stock to finance the repurchase of what formerly were federal bailout shares, now held by the directors and other private investors. Old Second Bancorp Inc. on Jan. 17 filed a plan with the Securities and Exchange Commission that would more than double its number of common shares in order to reduce some of the financial obligations of the holding company. more


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