Old National Merger on Cusp of Closing

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Evansville-based Old National Bancorp (Nasdaq: ONB) and one of Wisconsin’s largest banks have announced a closing date of a proposed $460 million merger. The banks say the deal, which was announced in January, will be complete May 2. It would be the largest-ever acquisition for Old National.

A filing with the U.S. Securities and Exchange Commission says Anchor stockholders will hold a special meeting on April 29 for final approval of the merger. 

During a conference call shortly after the January announcement, Old National Chief Executive Officer Bob Jones said the 60 percent/40 percent stock/cash transaction could deliver savings of more than 30 percent cost for the resulting company. In all, Anchor has around four dozen Wisconsin banking centers, while Old National’s presence in Indiana, Illinois, Michigan and Kentucky that includes 160 branches.