Old National, First Midwest Complete Merger
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Evansville-based Old National Bancorp (Nasdaq: ONB) and Chicago-based First Midwest Bancorp Inc. have completed their previously-announced $6.5 billion merger. Old National says the combination creates the sixth largest commercial bank headquartered in the Midwest, with more than $46 billion in assets.
The combined organization will operate under the Old National Bancorp and Old National Bank names, and will operate dual headquarters in Evansville and Chicago. The bank says the system conversion will be complete in July.
“This combination makes us one of the Midwest’s largest commercial banks and positions us well for continued expansion, investment, and innovation in talent, capabilities and services,” said Mike Scudder, executive chairman of the combined company. “We look forward to building upon the strong legacy of exceptional relationship banking and community engagement that both banks have developed over several decades to create even more opportunities to help our clients achieve financial success.”
The combined company’s common shares will trade on Nasdaq under ticker symbol “ONB.”
The combined company’s board of directors includes 16 members with eight directors from both Old National and First Midwest.