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TheStreet Open House

Old National Announces Plans To Sell Or Consolidate Branches As Part Of Ongoing Efficiency Improvements

  • Nine banking centers to be sold
  • Eighteen banking centers scheduled to be consolidated

EVANSVILLE, Ind., Aug. 16, 2012 (GLOBE NEWSWIRE) -- Old National Bank, Old National Bancorp's banking subsidiary, announced today plans to sell or consolidate 27 banking centers as part of ongoing efficiency and service delivery improvements.

Old National to sell deposits of nine banking centers - subject to regulatory approval and the satisfaction of customary closing conditions:

  • Five locations in Western Kentucky with total deposits of $93.7 million and a deposit premium of 2.53% will be sold to Planters Bank
  • Two locations in Southern Illinois with total deposits of $46.3 million and a deposit premium of 1.11% will be sold to Legence Bank
  • Two locations in Southern Illinois with total deposits of $33.5 million and a deposit premium of approximately 0.3% will be sold to Area Bank

***All of the deposit amounts referenced above are based on balances as of August 10, 2012. The branch properties are expected to be sold in the transactions, except for one of the Southern Illinois properties involved in the Area Bank transaction.  No loans are anticipated to be sold as a part of these transactions.

Old National to consolidate 18 banking centers into existing branch locations:

  • Nine locations in the Indianapolis area
  • Five locations in Central Indiana
  • Four locations in Southern Indiana

Old National currently has 183 locations across Indiana, Western Kentucky, and Southern Illinois. As part of an ongoing efficiency initiative, Old National took a close look at its locations, examining such items as market dynamics, deposits per branch, proximity to other offices and client traffic. Half of the consolidations are Indianapolis in-store branches with an approaching expiring lease. These locations will be consolidated into a nearby Old National, many of which are within a one – two mile radius.

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