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Old Second Receives “Outstanding” Rating from the Community Reinvestment Act


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AURORA, IL /ACCESSWIRE/April 5, 2022/ Old Second Bancorp, Inc. (NASDAQ: OSBC) announced that its banking subsidiary, Old Second National Bank (“Old Second”), has again received an overall rating of “Exceptional” from the Office of the Comptroller of the Currency (“OCC”). ). ) in its most recent Community Reinvestment Act (“CRA”) Performance Review covering the years 2018 to 2020.

In its assessment, the OCC assessed Old Second’s performance in helping to meet the credit needs of low- and moderate-income (“LMI”) individuals, as well as its deployment of capital and other products and services in the LMI communities it serves.

“We are extremely proud of our commitment to our local communities, as evidenced by our most recent ARC rating,” said James Eccher, President and CEO of Old Second Bancorp and Old Second. “The investments we make in our communities and our efforts to support economic growth, affordable housing and accessible banking are part of the Old Second culture, and we will continue to focus on improving our communities.

The OCC highlighted multiple achievements in its assessment of Old Second, emphasizing its outstanding lending and investment performance. Select highlights included, Old Second’s:

  • the level of community development lending in its assessment area;
  • significant efforts to support IMT borrowers during the COVID pandemic through the use of innovative and flexible lending programs;
  • an excellent distribution of loans between individuals of different income levels and businesses of different sizes;
  • the overall level of qualified investments in community development, which the OCC deemed excellent, with responsiveness to credit and community development needs; and
  • leadership in the delivery of community development services, with employees frequently volunteering and holding leadership positions in local community organizations and nonprofits.

The outstanding ARC rating reflects Old Second’s commitment to supporting underserved communities. Old Second plans to continue to have a positive impact on its communities through its provision of credit, banking services and financial literacy programs. Throughout its growing footprint, Old Second has invested millions of dollars in initiatives to drive job growth, create affordable housing opportunities and champion economic development.

About Old Second Bancorp, Inc.

Old Second Bancorp, Inc. is a corporation incorporated under the laws of the State of Delaware in 1981 that serves as the bank holding company for its wholly owned banking subsidiary, Old Second National Bank. Old Second National Bank is a national banking association headquartered in Aurora, Illinois that operates through 63 banking centers located in Cook, DeKalb, DuPage, Kane, Kendall, LaSalle and Will counties in Illinois .

Old Second National Bank is a full-service banking business offering a wide range of deposit products, trust and wealth management and lending services, including demand, NOW, money market, savings, term deposit and individual retirement accounts; commercial, industrial, consumer and real estate loans, including installment loans, agricultural loans, lines of credit, lease receivables and verification of overdrafts; safe deposit operations, and a wide variety of additional services tailored to the needs of individual clients, such as the acquisition of U.S. Treasury bills and bonds, money orders, cashiers checks and foreign currencies, direct deposit, discount brokerage, debit cards, credit cards cards and other special services. Our lending activities include the provision of commercial and consumer loans, primarily on a secured basis. Commercial lending focuses on business, capital, construction, inventory, healthcare and real estate lending, as well as lease financing. Installment loans include direct loans to consumers and business customers.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements within the scope of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “anticipate”, “expect”, “intend to “, “believe”, “may”, “probable”. , “”will”, “forecast”, “project”, “forward-looking”, “optimistic”, “potential”, or other statements that indicate future periods. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from any future results expressed or implied by such forward-looking statements. The following factors, among others, could cause actual results to differ materially from anticipated or other expectations expressed in forward-looking statements, (1) the strength of the United States economy generally and the strength of local economies in which our operations may differ from those anticipated, including, but not limited to, due to the negative impacts and disruptions resulting from the COVID-19 pandemic on the economies and communities we serve, which have had and may continue to have u n adverse impact on our business, operations and performance, and may continue to adversely impact our credit portfolio, share price, borrowers and the economy as a whole, both domestically and internationally. international ; (2) the rate of defaults and write-off amounts, the level of provision for credit losses, loan growth rates or adverse changes in the quality of assets in our loan portfolio, which may result in a increased credit risk losses and expenses; (3) changes in laws, regulations, policies or administrative practices, whether by judicial, governmental or legislative action; (4) risks relating to future acquisitions, if any, including execution and integration risks; (5) adverse conditions in the stock market, government debt market and other capital markets (including changes in interest rate conditions) could adversely affect us; and (6) changes in interest rates, which may affect our net income, prepayment penalty income, mortgage bank income and other future cash flows, or the market value of our assets, including our investment securities. Additional risks and uncertainties are contained in “Risk Factors” and forward-looking statements in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The inclusion of this forward-looking information should not be construed as a representation by us or any person that future events, plans or expectations contemplated by us will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

CONTACT:
Bradley S. Adams
Financial director
(630) 906-5484

THE SOURCE: Former second Bancorp Inc.

See the source version on accesswire.com:
https://www.accesswire.com/696206/Old-Second-Receives-Outstanding-Community-Reinvestment-Act-Rating

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