Exchange Ratio Adjustment For Old National Bancorp's Acquisition Of Monroe Bancorp Announced

EVANSVILLE, Ind. and BLOOMINGTON, Ind., Dec. 23, 2010 (GLOBE NEWSWIRE) -- Old National Bancorp (NYSE:ONB) ("Old National") and Monroe Bancorp (Nasdaq:MROE) ("Monroe") today jointly announced an adjustment to the exchange ratio in connection with Old National's proposed acquisition of Monroe, based on adjustments required because of recent trading prices of Old National common stock, and assuming the transaction closes on January 1, 2011, as anticipated and previously announced. Pursuant to the previously announced merger agreement dated October 5, 2010, Monroe shareholders will receive 1.275 shares of Old National common stock for each Monroe share held by them, subject to adjustment if the average of the per-share closing prices of Old National common stock during the 10 trading days preceding the fifth calendar day preceding the effective time of the merger exceeds $10.98 per share. In such an event, the exchange ratio shall be adjusted such that each share of Monroe common stock will be exchanged for the number of shares of Old National common stock determined by dividing $14.00 by the 10-day average of the per-share closing prices of Old National common stock referenced above.

The average of the per-share closing prices of Old National common stock between December 10 and 23, 2010, which was the 10 trading days preceding the fifth calendar day preceding the expected effective time of the merger, was $11.513. Because this price exceeds $10.98 per share, Monroe shareholders will receive $14.00 of Old National common stock for each Monroe share held by them, based on the 10-day average price of Old National stock used in the calculation, resulting in an adjusted exchange ratio of 1.216 shares.

The exchange ratio is subject to other adjustments under certain circumstances if loan delinquencies at Monroe exceed specified amounts or if the consolidated shareholders' equity of Monroe as adjusted is below the amount as of June 30, 2010. However, Monroe at this time does not expect any such adjustments will be required.