About

Old Second is a local bank that has been serving the Chicago metropolitan area for over 150 years. It offers a wide range of financial services tailored to individuals, families, and businesses. The bank provides traditional banking products such as debit and credit cards, prepaid cards, and treasury services for commercial clients. Its primary clients include individuals seeking personal banking solutions, families looking for financial planning, and businesses of all sizes needing commercial banking services. Old Second generates revenue through interest on loans, account service fees, and transaction fees from card usage. The bank is currently enhancing its online banking platform with a new system called Corporate O2, aimed at improving the user experience for its commercial customers. This transition reflects Old Second's commitment to technological advancement while maintaining its focus on personalized service and community engagement.

Simplify's Take

What believers are saying

• Old Second's recognition as the 'Best Bank in Illinois 2021' underscores its strong reputation and customer satisfaction.
• The bank's strategic acquisitions, such as West Suburban Bank, expand its market reach and client base.
• The addition of experienced professionals like Mike Daniele and Steve Rankins to the commercial banking group strengthens its leadership and service capabilities.

What critics are saying

• The bank's regional focus may limit its growth potential compared to national or global banks.
• Transitioning to new technological platforms like Corporate O2 can pose implementation challenges and temporary disruptions.

What makes Old Second unique

• Old Second's deep-rooted history of over 150 years and strong community ties in the Chicagoland area set it apart from newer, less established banks.
• The bank's focus on commercial banking services, including treasury management, provides specialized support for local businesses, unlike many competitors.
• Old Second's commitment to technological innovation, exemplified by the transition to the Corporate O2 platform, ensures it remains competitive in the digital age.

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