About

Old Second is a local bank serving the Chicago metropolitan area for over 150 years, offering financial services to individuals, families, and businesses. It provides products like debit and credit cards, prepaid cards, and treasury services, focusing on personal banking and commercial banking solutions. The bank generates revenue through interest on loans and fees for account services, and is currently upgrading its online banking platform to enhance user experience for commercial clients. Old Second aims to deliver personalized financial services while maintaining a strong commitment to its community.

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.