11:45 a.m. update
EVANSVILLE — Old National Bancorp and First Midwest Bancorp have announced they have entered into a definitive merger agreement to combine in an all-stock merger transaction with a total market value of $6.5 billion.
The new organization will operate under Old National Bancorp and Old National Bank names, with dual headquarters in Evansville, and Chicago.
The new bank will have $45 billion in combined assets.
Under 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, company officials said.
Following completion of the transaction, former First Midwest stockholders are expected to collectively represent about 44% of the combined company, officials said.
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.
Additional leadership positions for the combined entity include:
- Mark Sander, president and chief operating officer (First Midwest)
- Jim Sandgren, CEO of commercial banking (Old National)
- Brendon Falconer, chief financial officer (Old National)
- Kendra Vanzo, chief administrative officer (Old National)
- Kevin Geoghegan, chief credit officer (First Midwest)
- Thomas Prame, CEO of community banking (First Midwest)
- Chady AlAhmar, CEO of wealth management (Old National)
The complete executive leadership team is expected to be announced prior to close on the deal.
For more on this story, see Wednesday’s Republic.
ORIGINAL STORY
COLUMBUS, Ind. — Old National Bancorp and First Midwest Bancorp have announced they have entered into a definitive merger agreement to combine in an all-stock merger transaction with a total market value of $6.5 billion.
The new organization will operate under Old National Bancorp and Old National Bank names, with dual headquarters in Evansville, and Chicago.
The new bank will have $45 billion in combined assets.
For more on this story, see Wednesday’s Republic.
