EVANSVILLE — Old National Bancorp and First Midwest Bancorp, Inc. jointly announced Wednesday they have completed an all-stock merger of equals, announced on June 1, 2021.
The combined company creates the sixth largest commercial bank headquartered in the Midwest based on assets, with more than $46 billion of combined assets, $34 billion of assets under management, strong commercial banking capabilities, a robust retail footprint and a significant wealth platform.
The combined organization will operate under the Old National Bancorp and Old National Bank names, with dual headquarters in Evansville and Chicago. Clients will continue to be served through their respective Old National or First Midwest branches, websites, mobile apps, financial advisors and relationship managers until the system conversion is complete, which is anticipated in July. Clients may continue to use the full ATM network of both banks for cash withdrawals at no charge.
At the effective time of the merger on Feb. 15, each share of First Midwest common stock was converted into the right to receive 1.1336 shares of Old National common stock, with First Midwest stockholders receiving cash in lieu of fractional shares. Former First Midwest stockholders collectively represent approximately 44% of the combined company.
Shares of First Midwest ceased trading after the closing of the NASDAQ stock market on Feb. 15. The combined company’s common shares will trade on NASDAQ under ticker symbol “ONB.”
In addition, each share of 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, of First Midwest outstanding and each share of 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C, of First Midwest (collectively, the “First Midwest preferred stock”) was converted, respectively, into the right to receive one share of a newly created series A and series C of preferred stock of Old National (the “Old National preferred stock”) at the effective time of the merger. Each outstanding First Midwest depositary share representing a 1/40th interest in a share of the applicable series of First Midwest preferred stock was converted into an Old National depositary share representing a 1/40th interest in a share of the applicable series of the Old National preferred stock (NASDAQ: ONBPP and ONBPO).
Old National Bancorp, the holding company of Old National Bank, is the largest bank holding company headquartered in Indiana. With more than $46 billion of assets and $34 billion of assets under management, it ranks among the top 35 banking companies in the U.S. Old National’s footprint includes Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota and Wisconsin, including locations in Columbus.
For more information, visit oldnational.com.
