Board Resignation Sparks Questions Following Old Second’s Major Acquisition

The unexpected departure of director John Ladowicz from Old Second Bancorp’s board has raised eyebrows within financial circles, coming at a critical juncture just three months after the institution finalized its landmark $197 million acquisition of Bancorp Financial. This surprise resignation during the intense integration phase inevitably prompts questions about whether deeper strategic disagreements might be at play, though the company itself has provided no official explanation.

Operational performance, however, appears robust despite the challenges of merging two entities. Old Second reported a solid second-quarter profit of $21.8 million, equating to 48 cents per share. This performance is particularly notable given the significant one-time costs associated with the merger. The bank’s core profitability remained strong, evidenced by an impressive return on equity... Read more...