Expands Footprint in Northern Indiana and Enters State of Michigan
- Acquisition includes 24 banking centers in Northern Indiana and Southwest Michigan and nearly $780 million in deposits
- The transaction is expected to close 3 rd quarter 2013
EVANSVILLE, Ind., Jan. 9, 2013 (GLOBE NEWSWIRE) -- Old National Bancorp (NYSE:ONB) announced today that its bank subsidiary, Old National Bank, entered into a purchase and assumption agreement to acquire 24 retail bank branches of Bank of America. The branches are located in the Northern Indiana cities of South Bend and Elkhart, and the Southwest Michigan cities of Adrian, Battle Creek, Benton Harbor, Blissfield, Brooklyn, Constantine, Jackson, Kalamazoo, Niles, Paw Paw, Portage, and St. Joseph.
Deposit and loan balances to be included in the transaction were $778.8 million and $7.7 million, respectively, as of August 2012. This transaction is subject to regulatory approval from the Office of the Comptroller of the Currency (OCC) and the satisfaction of customary closing conditions.With $9.4 billion in assets, Old National is the largest financial services holding company headquartered in Indiana. This acquisition will position Old National with more than 200 banking centers and enables the company to expand its branch network in Northern Indiana and into the communities of Southwest Michigan. Old National does not anticipate any job losses as a result of this transaction. Growing in the Northern Indiana region and entering the state of Michigan have long been a focus of Old National. The company first joined the area in 2007 with the acquisition of St. Joseph Capital Corporation in Mishawaka. The bank then opened two new locations; one in Granger, Ind. in 2009; and another in South Bend's Eddy Street Commons in 2010. This transaction doubles the number of branches in Northern Ind. and gives current clients of Old National's South Bend and Elkhart locations the benefit of an expanded footprint. This partnership marks the company's first entry point into the state of Michigan.