Old National Approves Stock Repurchase Plan And Dividend

• Company may repurchase up to 2.25 million shares of ONB common stock through Jan. 31, 2012
• Board of Directors declares common stock dividend of $.07 per common share, payable March 15

EVANSVILLE, Ind., Jan. 27, 2011 (GLOBE NEWSWIRE) -- Old National Bancorp (NYSE:ONB) today announced that its Board of Directors has approved a new plan to repurchase, as conditions warrant, up to 2.25 million shares of Old National Bancorp common stock through January 31, 2012. These shares may be purchased from time to time in either the open market or in privately negotiated transactions, in accordance with SEC regulations.

"The approval of this stock repurchase plan, at a time when Old National is in an enviable capital position, affords us the flexibility to truly optimize our capital management strategies," said Chris Wolking, Old National Bancorp Senior Executive Vice President and Chief Financial Officer. "While we were not required to obtain approval for the plan from our regulators at the Federal Reserve, we are nonetheless very pleased that they have expressed no concerns with our decision."

Old National Bancorp's Board of Directors also declared a common stock dividend of $.07 per share on the Company's outstanding shares. This dividend is payable March 15, 2011, to shareholders of record on March 1, 2011. For purposes of broker trading, the ex-date of the cash dividend is February 25, 2011.

About Old National

Old National Bancorp 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.

The Old National Bancorp logo is available at  http://www.globenewswire.com/newsroom/prs/?pkgid=1872

Forward-Looking Statement