First Midwest Shareholders Approve Old National Merger
Old National Bancorp is headquartered in Evansville (IIB Photo/Alex Brown)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe proposed $6.5 billion merger between Evansville-based Old National Bancorp (Nasdaq: ONB) and First Midwest Bancorp Inc. (Nasdaq: FMBI) in Chicago has cleared a key hurdle. First Midwest shareholders have approved the deal, with approximately 99% of votes cast in favor.
The merger was first announced in June. Old National says, when complete, the combined company will operate under the Old National brand with dual headquarters in Evansville and Chicago.
“Our partnership with Old National is, at its core, a growth strategy that will put us in an even stronger position to invest, grow and innovate in talent, capabilities and services across our combined footprint,” Michael Scudder, chief executive officer of First Midwest, said in a news release. “We are very pleased our stockholders also see the value that this partnership will bring to our clients, colleagues and communities and in driving long-term stockholder value.”
The merger still requires regulatory approval. Old National expects the deal to close in the fourth quarter.