Old National Bank

Old National Bancorp
Trade name	Old National Bank
Company type	Public
Traded as	Nasdaq: ONB; S&P 400 Component
Industry	Finance
Founded	1834; 190 years ago (as Evansville National Bank)
Headquarters	Chicago, Illinois; Evansville, Indiana, U.S.
Number of locations	180+
Area served	Indiana, Illinois, Kentucky, Michigan, Wisconsin, Minnesota
Key people	James "Jim" Ryan (CEO); Jeff C. Newcom (COO);
Products	Financial services
Net income	$277.5 million (2021) $226.5 million (2020)
Total assets	$24.5 billion (2021) $23.0 billion (2020)
Number of employees	2,900+ (2019)
Website	oldnational.com

Old National Bank is an American regional bank with nearly 200 retail branches operated by Old National Bancorp and based in Chicago and Evansville, Indiana. With assets at $48.5 billion and 250 banking centers, Old National Bancorp is the largest financial services bank holding company headquartered in Indiana and one of the top 30 banking companies in the U.S.^[3] Its primary banking footprint is in Illinois, Indiana, Kentucky, Michigan, Minnesota, and Wisconsin.

History

The bank was founded in 1834 as Evansville's first bank. It has operated under several names, including Evansville National Bank and Old State National Bank. In 1922, it was officially named Old National Bank. The bank holding company Old National Bancorp was formed in 1983 as a multi-bank holding company and now operates in Indiana, Michigan, Wisconsin, Minnesota, Kentucky and Illinois.^[4]

In November 1995, Old National acquired the Greencastle-based First United Savings Bank for $18 million in stock.^[5]^[6] In the following year, Old National acquired the Bloomington-based Workingmens Capital Holdings with its Workingmens Federal Savings Bank subsidiary for an undisclosed amount in stock.^[7]

Old National participated in the Treasury Department's Troubled Asset Relief Program (TARP) with the Treasury Department buying $100 million in preferred, non-voting stock. However, by March 2009 Old National had repurchased all of its outstanding stock and had fully exited the TARP program.

In 2009, Charter One's Indiana bank branches became Old National Bank after Old National Bank bought Charter One's Indiana operations.^[8]^[9] In January 2011, Old National acquired Bloomington-based Monroe Bancorp with its Monroe Bank subsidiary for $90 million in stock.^[10]^[11] Later that year, Integra Bank was closed by the Federal Deposit Insurance Corporation and all deposit accounts, excluding certain brokered deposits, were transferred to Old National.^[12] In 2012, Old National acquired 24 retail bank branches of Bank of America in northern Indiana and southwest Michigan.^[13] In 2014, Old National acquired four banks: Tower Bank in Fort Wayne, Indiana, United Bank in Ann Arbor, Michigan, Lafayette Savings Bank in Lafayette, Indiana, and Founders Bank & Trust in Grand Rapids, Michigan.

In May 2016, AnchorBank, the third-largest bank based in Wisconsin, was bought by Old National for approximately $461 million.^[14]

In August 2017, Old National agreed to buy Anchor Bank of Minnesota for $303 million. The acquisition will add 17 locations in the Twin Cities and 1 in Mankato plus $1.7 billion in deposits and $2.1 billion in assets.^[15] In June 2018, KleinBank, based in Chaska, Minnesota, announced its 21 locations were being acquired by Old National, increasing Old National's presence in the western suburbs of Minneapolis.^[16]

In 2021, Old National merged with First Midwest Bancorp, combining the companies' assets, retaining the Old National name, and maintaining headquarters in Chicago and Evansville.^[17]

On April 10, 2023, a mass shooting at the Louisville, Kentucky branch resulted in five fatalities (all employees) and eight other injured people, including a rookie police officer. The injured officer's partner subsequently killed the perpetrator, who was a current bank employee.^[18]

In 2024, it was announced that CapStar Financial Holdings Inc. merged its operations with those of the bank. As a result, CapStar Bank became a division of Old National Bank.^[19]

Services

The company offers retail banking (checking accounts, savings accounts and certificates of deposit, consumer loans including home mortgages, and small business banking & lending), business or commercial banking (checking accounts, savings accounts & CDs, commercial loans and lines of credit, credit cards, capital markets, treasury management, and merchant services), and wealth management, investment, trust and retirement products and services.^[20]

In 1995, ONB was ranked number one in earnings momentum by banking journal Financial World. The bank was rated the 28th top performing bank in the nation for 2008 by Bank Director magazine.

References

^ "Form 10-K for the year ending December 31, 2021". Securities and Exchange Commission. Retrieved 2023-10-15.
^ "Old National Place". Emporis. Archived from the original on March 5, 2007. Retrieved 2008-10-17.
^ "Our Company". SNL Financial. Retrieved 2017-05-31.
^ "About Old National". Old National Bank.
^ DeWitte, Dave (October 1, 1994). "Old National Buying Bank With Bloomington Locations \". Evansville Courier & Press. p. C7. Old National Bancorp plans to enter the Bloomington, Ind., banking market with the acquisition of a thrift based in Greencastle. First United Savings Bank of Greencastle has agreed to a stock-swap merger with Old National valued at about $18 million.
^ Werth, Brian (January 27, 1996). "First United changing its name - ONB Bank to offer expanded lending services". Bloomington Herald-Times. Beginning Thursday, First United Savings Bank in Bloomington, will become ONB Bank, a subsidiary of Evansville-based Old National Bancorp. Old National Bancorp is a $4.8 billion multi-bank holding company, formed in 1982. It is the largest Indiana-based bank in the state, with 122 banking offices operating from 26 affiliate banks. Earnings for 1995 are expected to be more than $50 million, company officials said... Old National Bancorp actually completed a merger with First United Savings, which is based in Greencastle, last November.
^ Werth, Brian (October 19, 1996). "Merger creates Workingmens/ONB". Bloomington Herald-Times. One of Bloomington's oldest businesses - 111-year-old Workingmens Federal Savings Bank - officially will become Workingmens/ONB Bank at the end of business today. The ONB Bank office in Fountain Square Mall at the corner of Kirkwood and College avenues will close and operations will be blended into the Workingmens building at 121 E. Kirkwood Ave... The merger of Workingmens and ONB was announced in April, but it has taken this long to get the necessary stockholder and regulatory approval. ONB stands for Old National Bancorp of Evansville. It is the state's largest Indiana-based bank holding company, with assets of more than $5 billion.
^ "Old National: Charter One Deal Hits Its Indiana Growth Targets". American Banker. November 26, 2008. Retrieved 2023-10-15.
^ Corbin, Bryan (November 25, 2008). "ONB acquiring Charter One branches in Central Indiana". Evansville Courier & Press.
^ Wersich, Carol (October 6, 2010). "ONB buying bank in Bloomington". Evansville Courier & Press.
^ Orr, Susan (January 3, 2011). "Old National, German American complete separate acquisitions". Evansville Courier & Press.
^ Orr, Susan (August 21, 2011). "The last hours and emotional toll of Integra's takeover". Evansville Courier & Press.
^ "Old National Bank to Acquire Branches in northern Indiana and southwestern Michigan" (PDF) (Press release). Old National Bancorp. January 9, 2013. Archived from the original (PDF) on January 15, 2013. Retrieved January 9, 2013.
^ Newman, Judy (January 13, 2016). "Indiana bank's purchase of Anchor BanCorp in line with industry's consolidation trend". Wisconsin State Journal.
^ Kennedy, Clare (August 8, 2017). "Indiana bank to acquire Anchor for $303M". Finance & Commerce. Retrieved August 8, 2017.
^ Rehkamp, Patrick (21 Jun 2018). "KleinBank to be acquired by Old National Bancorp". Minneapolis-St. Paul Business Journal. Retrieved 2023-05-12.
^ Schwarz, Orrin (1 June 2021). "First Midwest to merge with Indiana bank". Daily Herald. Arlington Heights, Ill. Retrieved 18 August 2021.
^ Krauth, Olivia (April 10, 2023). "Old National Bank shooting: What we know about Louisville gunman Connor Sturgeon". Louisville Courier Journal. Retrieved 2023-10-15.
^ "Old National Bancorp Announces its Merger with CapStar Financial Holdings Has Been Completed". 18 WJTS-TV. Retrieved 2024-04-11.
^ "Old National Bank Corporate Profile". SNL Financial. Retrieved 2021-03-29.