Evansville-based Old National Bancorp and Grand Rapids-based Founders Financial Corp. have announced an agreement for Old National to acquire Founders through a stock and cash merger.
Founders has $466 million in total assets, $355 million in loans and $378 million in deposits as of June 30. It is a bank holding company with Founders Bank & Trust as its wholly owned subsidiary.
The company was founded in 1991 and has had 78 consecutive profitable quarters. Founders Bank & Trust operates four full-service banking centers in Kent County in Michigan.
Old National, parent company of Old National Bank, is the largest financial services holding company headquartered in Indiana. With the recent acquisition of Ann Arbor, Michigan-based United Bancorp Inc., which was scheduled to close July 31, Old National will have 36 branches and $1.6 billion deposits in Michigan.
Old National and Founders will collectively donate $15,000 to the Grand Rapids Community Foundation — Challenge Scholars program as part of the agreement. The merger is expected to close in the first half of 2015, subject to approval by Founders’ shareholders, regulatory approvals and other conditions.