Old National to Buy St. Joseph Capital

Stock quotes in this article: ONB , SJOE  

Old National Bancorp(ONB Quote) said Monday it has agreed to acquire St. Joseph Capital(SJOE Quote) in an all-cash deal valued around $75.6 million.

Under terms of the merger, which is expected to close in the first quarter of 2007, shareholders of St. Joseph Capital will be entitled to receive $40 in cash for every share of St. Joseph stock.

St. Joseph Capital is based in Mishawaka, Ind., and has almost $500 million in assets; it is the holding company for St. Joseph Capital Bank, a $491 million franchise that operates financial centers in the Northern Indiana towns of Mishawaka and Elkhart. Old National Bancorp has $8.3 billion in assets and is based in Evansville, Ind.

Shares of St. Joseph Capital were higher by $10.38, or 36.6%, at $38.76 in late-morning trading Monday. Shares of Old National were up slightly, by 5 cents, or 0.3%, at $19.04.

  • Loading Comments...
  •  

SHARE:

  • email
  • print
  • comment
  • digg
  • delicious
  • linkedin

Recent Comments





Connect with TheStreet

Dow Jones S&P 500 NASDAQ 10-Year Note
10,328.89 1,102.47 2,211.69 35.46
Oil *
73.88
UP
20.63
UP
6.40
UP
31.64
UP
0.59
10 Yr
3.55%
SPDR Gold
108.95
+0.20%
+0.58%
+1.45%
+1.69%
Data delayed 20 minutes

More From TheStreet

Latest Headlines

Brokerage Partners

TheStreet Premium Services

All Services