Old National Sees Higher Profit, Details Strategic Plan
Photo courtesy of Old National Bank
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowEvansville-based Old National Bancorp (Nasdaq: ONB) is reporting full-year net income of $238 million, up from $191 million the previous year. The bank is also unveiling a new strategic plan, as well as additions to its leadership team.
Old National says its new strategic plan will impact the bank’s “overall way of doing business.”
The plan, known as The ONB Way, includes realigning the organization into clearly defined segments, deepening client relationships, simplifying and improving the end-to-end banking/borrowing journey, creating a new Wealth Division that combines wealth management, investments and private banking and investing in operational and IT infrastructure.
The bank is also reporting fourth quarter net income of $49.2 million, up from $47.4 million during the same quarter in 2018.
“Our fourth quarter results capped a strong year of earnings for Old National,” Chief Executive Officer Jim Ryan said in a news release. “Full-year 2019 results included three quarters of record net income, stellar credit metrics, well controlled expenses and record commercial loan production, all of which was accomplished while finalizing a new strategic plan – known as The ONB Way – that will ensure our clients remain at the center of all we do.”
As part of the strategic plan, Old National added four members to its leadership team.
Chady AlAhmar has been named wealth division chief executive officer. Most recently, AlAhmar served as a senior executive of wealth management at U.S. Bank.
Paul Kilroy will serve as chief information officer. He previously served as senior vice president and segment CIO of Enterprise Shared Services, Data and Architecture for Huntington National Bank.
Scott Fecteau will act as chief client services officer, operations. He most recently served as managing director/global delivery lead BPO for Accenture Credit Services in Charlotte, North Carolina.
Malinda Anthony will step into the role of treasury management president. Malinda joined ONB from Wells Fargo in Indianapolis, where she most recently served as North Division Sales Manager, overseeing TM sales supporting commercial banking in 10 states.
You can connect to the full earnings report by clicking here.