Old National Bank expanding to Detroit
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One of the Midwest’s largest banks is growing.
Evansville-based Old National Bank opened its first metro Detroit branch this month, signaling the company’s expansion in Michigan.
The bank currently has other commercial banking centers in Ann Arbor, Grand Rapids and Kalamazoo, among other Michigan locations.
“What excites me most about this expansion is that we have the right team and relationships in place to serve this important market,” George Bailey, Old National’s Michigan state executive, said in a news release. “The builds upon the great work we are doing with our clients throughout Michigan, and the move into Metro Detroit represents a natural growth progression for the bank.”
Old National introduced its new Detroit team in an event earlier this month at the Detroit Athletic Center. The metro team is headquartered in Troy, a northern suburb about 20 miles northwest of downtown Detroit.
The Detroit team will offer the following services: commercial real estate and project management, employee stock ownership plans and asset-based lending, and senior retirement housing and health care expertise.
Bank leaders say metro Detroit’s 11 counties capture $50 million to $500 million of revenue among more than 1,500 companies, 10 of which are Fortune 500 companies.
Old National is the sixth largest commercial bank headquartered in the Midwest and among the top 35 banking companies headquartered in the United States, according to a release from the bank. It has $48 billion of assets and $28 billion of assets under management.
“As a Midwestern bank with roots dating back to 1834, Old National is known for building long-term, highly personalized relationships with our clients while also strongly investing in the communities we serve,” Old National Bank CEO Jim Ryan said in the release. “We are incredibly excited about the growth and vitality that are driving Metro Detroit forward today, and we look forward to being active, dedicated partners in that progress.”
The following executives have been named leaders of the metro Detroit team: Rick Hampson, metro Detroit market president; Andrea Boucher, senior vice president of commercial real estate; Neran Shaya, senior vice president of senior housing finance; Daniel Zinser, senior vice president of corporate banking; Sarah Knapp, vice president of specialty lending; Adam Zale, commercial real estate underwriter; and Kevin Goryl, strategic talent sourcer.
“The team, many long-time friends, is tremendous and the response from the community has been fantastic,” Hampson said. “We’re here and we’re here to stay. Our plan is to build something really great.”