Old National Bancorp's Acquisition Of Monroe Bancorp Receives Regulatory Approvals

EVANSVILLE, Ind. and BLOOMINGTON, Ind., Dec. 15, 2010 (GLOBE NEWSWIRE) -- Old National Bancorp (NYSE:ONB) and Monroe Bancorp (Nasdaq:MROE) jointly announced that the Federal Reserve Board has approved Old National Bancorp's proposed acquisition of Monroe Bancorp. The companies also announced that the Office of the Comptroller of the Currency has approved the proposed merger of Monroe Bank, Monroe Bancorp's bank subsidiary, into Old National Bank, the bank subsidiary of Old National Bancorp. As previously disclosed, the mergers are expected to be completed on January 1, 2011. The transaction remains subject to approval by the shareholders of Monroe Bancorp and the Indiana Department of Financial Institutions (IDFI), as well as the satisfaction of other closing conditions. Monroe Bancorp will hold its special meeting of shareholders tomorrow, December 16, at which the shareholders will vote on the proposed merger. Old National and Monroe also expect to receive the IDFI's approval of the merger tomorrow, December 16.

"We're extremely pleased that the Federal Reserve Board and the Office of the Comptroller of the Currency have responded with approval for this historic partnership," said Bob Jones, Old National Bancorp President & CEO. "The fact that Old National is positioned to complete this acquisition by our target date of January 1, 2011, serves as a testament to our position of strength and stability, and our commitment to transparency."

About Old National

Old National Bancorp, which celebrated its 175th anniversary in 2009, is the largest financial services holding company headquartered in Indiana and, with $7.5 billion in assets, ranks among the top 100 banking companies in the United States. Since its founding in Evansville in 1834, Old National has focused on community banking by building long-term, highly valued partnerships with clients in its primary footprint of Indiana, Illinois and Kentucky. In addition to providing extensive services in retail and commercial banking, wealth management, investments and brokerage, Old National also owns one of the largest independent insurance agencies headquartered in Indiana, offering complete personal and commercial insurance solutions. For more information and financial data, please visit the Investor Relations section of the Company's website at oldnational.com.