Old Second National Bank
Old Second Bank – Chicago, IL
Were looking to hire the best. We want to hire top-producers who are facing challenges in meeting their clients needs based on new rules and new… Glassdoor
Old Second – Aurora, IL
Old Second currently has several exciting opportunities for proven Commercial Bankers to work directly for our most senior Commercial Managers and… Glassdoor
Old Second Bank – Yorkville & Surrounding areas, IL
include: • Working in an often fast-paced environment with front-line customer contact • Accurately and efficiently processing customer… Glassdoor
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- Comp & Benefits
- Work/Life Balance
- Senior Management
- Culture & Values
- Career Opportunities
I have been working at Old Second National Bank full-time (less than an year)Pros
Executive leadership, with the help of their CPA firm, has mastered the art of accounting irregularities. CEO has dedication to business as evidenced by the "tornado day" when he ordered first floor tellers to remain at their station rather than seeking shelter in the basement during a tornado warning.
Optrimistic executives hosted celebratory breakfast immediately on news that OCC had released their restrictive order.
Bank has no loan pricing model in place and the risk-ratings are applied "rock/paper/scissors" fashion so there's lots of flexibility to make loans, both good and bad.
The bank has an excellent geogrphic franchise but this is more than offset by the ineptness of management
The people are generally pleasant and easy going - why wouldn't they be, they're not reallly held accountable by management any more than management holds themselves accountable, which they don't. Think Mayberry Financial.Cons
Corporate objective is to "not go out of business" so executive leadership can continue cashing paychecks while avoiding work & responsibility at this Zombie institution
The largely minority workforce casts an awkward shadow on the white male leadership environment.
If the outside director appointed in December 2012 had any idea what goes on here he would pass out.
The loan committee members "laughed" at the interest rate charged to a long-time customer, thinking that the customer was "too stupid" to shop around.
The Chief Credit Officer commutes from Effingham and has no lasting commitment to either the local community or the institution.Advice to ManagementAdvice
Shift the largely minority workforce to part-time to save more money and avoid substantive change
Sell the bank to an institution that knows what they're doing - But management won't let this happen because current management is "not employable" in the current market and would bring "no value" to a competent buyer. Moreover, there is no dynamic in the capital structure to force a sale so this institution will likely be a "zombie in perpetuity" unless they dilute capital with credit losses which is a potential scenario.Doesn't RecommendNegative OutlookDisapproves of CEO