It most likely did die of old age as it was almost certainly at least 1-yr-old when banded meaning that it was at least 16-yrs-old when it died.
From this about sandhill cranes: http://bna.birds.cornell.edu/bna/species/031/articles/demography
"Mean life expectancy for any bird that reached the age of independence was 7 yr (S. A. Nesbitt and C. T. Moore, unpubl. data). Maximum age in the wild is 21.6 yr for G. c. pratensis in Florida (SAN), and 19.4 yr for a bird from the mid-continent population (Klimkiewicz and Futcher 1989)."