Business
Old National and First Midwest Announce Merger to Create a Premier Midwestern Bank
$45 billion in total assets and $34 billion in total deposits Unlocks immediate scale and positions for continued in-market growth Accelerates opportunities
About this update from Old National Bancorp
[{"type":"text","content":"\n\n$45 billion in total assets and $34 billion in total deposits\n\n\nUnlocks immediate scale and positions for continued in-market growth\n\n\nAccelerates opportunities to strengthen communities and drive positive change\n\n\nTransaction expected to close in late 2021 or early 2022\n\n\n EVANSVILLE, Ind. & CHICAGO--(BUSINESS WIRE)--\nOld National Bancorp (“Old National”) (NASDAQ: ONB) and First Midwest Bancorp, Inc. (“First Midwest”) (NASDAQ: FMBI), jointly announced today they have entered into a definitive merger agreement to combine in an all-stock merger of equals transaction with a total market value of $6.5 billion to create a premier Midwestern bank with $45 billion in combined assets.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210601005603/en/\nWith nearly 270 combined years of service and a shared commitment to Midwestern values, Old National and First Midwest are two organizations driven by a customer-centric approach to banking, an unwavering commitment to community and a strong focus on corporate social responsibility, making the combined entity the premier choice for employees, clients and shareholders.\n\nUnder the terms of the merger agreement, which has been unanimously approved by the Boards of Directors of both companies, First Midwest stockholders will receive 1.1336 shares of Old National common stock for each share of First Midwest common stock they own. Following completion of the transaction, former First Midwest stockholders are expected to collectively represent approximately 44% of the combined company. The new organization will operate under the Old National Bancorp and Old National Bank names, with dual headquarters in Evansville, Indiana and Chicago, Illinois. Michael Scudder, Chairman and CEO of First Midwest Bancorp, will serve as the Executive Chairman and Jim Ryan, Chairman and CEO of Old National Bancorp, will maintain his role as CEO.\n\nAdditional leadership positions for the combined entity include:\n\n\nMark Sander, President and Chief Operating Officer (First Midwest)\n\n\nJim Sandgren, CEO of Commercial Banking (Old National)\n\n\nBrendon Falconer, Chief Financial Officer (Old National)\n\n\nKendra Vanzo, Chief Administrative Officer (Old National)\n\n\nKevin Geoghegan, Chief Credit Officer (First Midwest)\n\n\nThomas Pra...