Old Second Bancorp announced that Gary Collins will retire from his position as Vice Chairman and resign from the boards of directors of both the holding company and its bank subsidiary, effective October 31, 2026. The departure follows no disagreement regarding operations or policies. Under a separation agreement, Collins receives approximately $211,150 in lump-sum cash payments, full vesting of unvested time-based restricted stock units, pro-rata vesting of performance-based RSUs, and limited benefit continuation. Old Second Bancorp operates as a regional bank holding company providing financial services.
