Old Second buys back portion of series B perpetual preferred stock

By Jennifer Chiou

New York, May 2 - Old Second Bancorp, Inc. repurchased 25,669 shares of its series B fixed-rate cumulative perpetual preferred stock from certain holders, including certain of the company's officers and directors, on April 28, according to an 8-K filing with the Securities and Exchange Commission.

The company paid a repurchase price of 94.75% of the per-share liquidation value, or $947.50 per share, for a total repurchase price of $24.3 million.

The filing stated that those holders waived their rights to any dividends on the preferreds.

The purchase was in connection with Old Second's public offering of 15,525,000 shares of its common stock.

Old Second is an Aurora, Ill., bank holding company.

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