EVANSVILLE — Old National Bancorp announced a $8.3 billion Community Growth Plan committing to support historically underserved and economically disadvantaged individuals, families and communities throughout its footprint. The plan was developed in collaboration with the National Community Reinvestment Coalition (NCRC) and its members and is subject to the closing of the First Midwest merger.
The plan includes nearly $5 billion in community lending and affordable housing commitments to underserved and low-to-moderate income borrowers and another $3.3 billion in community development initiatives and philanthropic programs in majority-minority neighborhoods over a five-year period. These investments include communities already served by Old National, as well as communities it will serve after completion of the merger with First Midwest.
“At Old National and First Midwest, engaging with, supporting and strengthening our communities is not only a strategic priority, it’s woven into the fabric of our cultural DNA,” said Old National Chairman and CEO Jim Ryan. “We recognize the important role that our banks play in helping to shape a better financial future, and we are proud to partner with NCRC to build on our strong legacy of service and make a lasting impact on the hundreds of communities we serve today, as well as in the future.”
Added Mike Scudder, Chairman and CEO of First Midwest, “First Midwest and Old National have strong and demonstrated track records of supporting low and moderate-income borrowers and those in low-and moderate-income areas. The scale and growth of our combined organization will enable us to become an even stronger community partner, and we look forward to doing even more to help meet the evolving needs of the vibrant and diverse communities and businesses within our footprint.”
Upon closing of the Old National and First Midwest merger, the combined company will create one of the largest banks headquartered in the Midwest, with more than $45 billion of total assets, $34 billion of assets under management, a presence in six of the largest Midwestern MSAs, strong commercial banking capabilities, a robust retail footprint and a significant wealth platform.
For the complete story, see Friday’s Republic.
