Old National Bank

#2773

Rank

$4.26B

MarketCap US

US United States

Country

Summary
Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, letters of credit, and lease financing. The company also provides debit and automated teller machine cards, telephone access, online banking, and other electronic and mobile banking services; cash management, private banking, brokerage, trust, investment advisory, and other traditional banking services; wealth management, investment, and foreign currency services; and treasury management, merchant, health savings, and capital markets services, as well as community development lending and equity investment solutions. As of December 31, 2021, it operated a total of 162 banking centers located primarily in the states of Indiana, Kentucky, Michigan, Minnesota, and Wisconsin. Old National Bancorp was founded in 1834 and is headquartered in Evansville, Indiana.

History

The bank was founded in 1834 as the 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, Minnesota, Kentucky and IllinoisIn November 1995, Old National acquired the Greencastle-based First United Savings Bank for $18 million in stock. 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.Old National participated in the Treasury Department's Troubled Asset Relief Program 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. In January 2011, Old National acquired Bloomington-based Monroe Bancorp with its Monroe Bank subsidiary for $90 million in stock. 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. In 2012, Old National acquired 24 retail bank branches of Bank of America in northern Indiana and southwest Michigan. 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.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. In June 2018, KleinBank, based out of Chaska, Minnesota, announced its 21 locatons were being acquired by Old National, increasing Old National's presence in the western suburbs of Minneapolis.In 2021, Old National merged with First Midwest Bancorp, combining the companies assets, retaining the Old National name and maintaining headquarters in Chicago and Evansville.


Mission
Our mission is to be our customers' financial partner and provide advice, solutions and results to make financial lives better.

Vision
Old National’s vision is to become the bank of choice by offering outstanding service, innovative products and superior value.

Key Team

Mr. Jeffrey L. Knight (Chief Gov. Relations Officer)

Mr. James A. Sandgren (Chief Exec. Officer of Commercial Banking)

Mr. Michael L. Scudder (Exec. Chairman)

Mr. Mark G. Sander (Pres & COO)

Mr. Jeff C. Newcom (Chief Operations Officer)

Mr. Michael W. Woods (Sr. VP, Principal Accounting Officer & Corp. Controller)

Mr. Paul S. Kilroy (Chief Information Officer)


Recognition and Awards
Old National Bank has been honored with numerous awards for its commitment to employee engagement, corporate social responsibility, and outstanding results for customers, shareholders and stakeholders. Some of these awards include being recognized by Forbes as one of the nation's Best Employers and being ranked as one of the most admired companies by the Indiana Chamber of Commerce.

References
Old National Bank
Leadership team

Mr. James C. Ryan III (CEO & Director)

Mr. Brendon B. Falconer (Chief Financial Officer)

Ms. Kendra L. Vanzo (Chief Admin. Officer)

Products/ Services
Banking, Financial Services, Wealth Management
Number of Employees
1,000 - 20,000
Headquarters
Evansville, Indiana, United States
Established
1834
Company Registration
SEC CIK number: 0000707179
Net Income
100M - 500M
Revenue
Above - 1B
Traded as
ONB
Social Media
Sat Feb 24 2024
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