Old National Bank

Old National Bancorp
Old National Bank
Public
Traded as NASDAQ: ONB
S&P 600 Component
Industry Finance
Founded 1834 (1834)
Headquarters Evansville, Indiana, U.S.
Number of locations
 180+
Area served
 Indiana, Kentucky, Illinois, Michigan, Wisconsin, Minnesota
Key people
 Robert G. "Bob" Jones, CEO
Products Financial Services
Total assets $17.0 billion
Number of employees
 2,743 (2004)
Website www.oldnational.com
Old National Bank's Downtown Evansville riverfront headquarters was the first highrise in the state of Indiana to be built with LEED principles.[1]

Old National Bank is a regional bank with over 150 retail branches operated by Old National Bancorp and based in Evansville, Indiana. With assets at $14.9 billion and 160 banking centers, Old National Bancorp is the largest financial services bank holding company headquartered in Indiana and one of the top 100 banking companies in the U.S.[2] Its primary banking footprint is in Indiana, Kentucky, Michigan, Minnesota, and Wisconsin.

History

An Old National Bank location in Granger, Indiana

The bank was founded in 1834 as some unknown city'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. At the time the stock market crashed in 1929, there were 11 banks operating in Evansville; by 1935, seven of those banks had been forced to close their doors. Old National was one of the four that continued to operate. In anticipation of the impending reform of banking regulations at the state and federal levels in the late 1980s and early 1990s, the bank holding company called Old National Bancorp was formed in 1983 as a multi-bank holding company and now operates in Indiana, Michigan, Wisconsin, Kentucky and Illinois[3]

In November 1995, Old National acquired the Greencastle-based First United Savings Bank for $18 million in stock.[4][5] 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.[6]

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.[7][8] In January 2011, Old National acquired Bloomington-based Monroe Bancorp with its Monroe Bank subsidiary for $90 million in stock.[9][10] 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.[11] In 2012, Old National acquired 24 retail bank branches of Bank of America in northern Indiana and southwest Michigan.[12] 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 January 2016, Anchor BanCorp Wisconsin, the parent company of AnchorBank, the third-largest bank based in Wisconsin, announced that Old National intends to buy Anchor for approximately $461 million. The transaction closed in May of the same year. [13]

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. [14]

Services

The company offers cash management services, lease financing, debit cards, online banking, and other electronically accessed banking services. Old National Bancorp, through other subsidiaries, also provides various services, including investment advisory and wealth management, investment and brokerage, investment consulting, and insurance agency services.

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

  1. ↑ "Old National Place". Emporis. Retrieved 2008-10-17.
  2. ↑ "Old National Bank Corporate Profile". SNL Financial. Retrieved 2017-05-31.
  3. ↑ "About Old National". Old National Bank.
  4. ↑ DeWitte, Dave (October 1, 1994). "Old National Buying Bank With Bloomington Locations \". Evansville Courier & Press. p. C7. (Subscription required (help)). 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.
  5. ↑ Werth, Brian (January 27, 1996). "First United changing its name - ONB Bank to offer expanded lending services". Bloomington Herald-Times. (Subscription required (help)). 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.
  6. ↑ Werth, Brian (October 19, 1996). "Merger creates Workingmens/ONB". Bloomington Herald-Times. (Subscription required (help)). 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.
  7. ↑ http://www.ibj.com/html/detail_page.asp?content=34134
  8. ↑ Corbin, Bryan (November 25, 2008). "ONB acquiring Charter One branches in Central Indiana". Evansville Courier & Press.
  9. ↑ Wersich, Carol (October 6, 2010). "ONB buying bank in Bloomington". Evansville Courier & Press.
  10. ↑ Orr, Susan (January 3, 2011). "Old National, German American complete separate acquisitions". Evansville Courier & Press.
  11. ↑ Orr, Susan (August 21, 2011). "The last hours and emotional toll of Integra's takeover". Evansville Courier & Press.
  12. ↑ "Old National Bank to Acquire Branches in northern Indiana and southwestern Michigan" (PDF) (Press release). Old National Bank. January 9, 2013. Retrieved January 9, 2013.
  13. ↑ Newman, Judy (January 13, 2016). "Indiana bank's purchase of Anchor BanCorp in line with industry's consolidation trend". Wisconsin State Journal.
  14. ↑ Kennedy, Clare (August 8, 2017). "Indiana bank to acquire Anchor for $303M". Finance & Commerce. Retrieved August 8, 2017.

Further reading

  • Bronstein, Barbara F., "In Evansville, All the Top Players are Local," American Banker, March 10, 1995, p. 7.
  • Meschi, Robert L., and Kurt Badenhausen, "The Big Mo: FW Grades America's 100 Largest Banks on Their Earnings Momentum," Financial World, February 21, 1995.
  • Old National Bank 150th Anniversary, 1834-1984: From Evansville's First to Evansville's Largest, Evansville, Ind.: Old National Bank, 1984.
  • Perrone, Ellen, "Old National to Increase Its Out-Of-State Influence," Indianapolis Business Journal, May 22, 1995, p. 9B.
  • International Directory of Company Histories, Vol. 15. St. James Press, 1996.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.