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OSBC > SEC Filings for OSBC > Form 8-K on 18-Oct-2013All Recent SEC Filings

Show all filings for OLD SECOND BANCORP INC

Form 8-K for OLD SECOND BANCORP INC


18-Oct-2013

Termination of a Material Definitive Agreement


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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