Old National Bank

Old National Bancorp
Public
Traded as NASDAQ: ONB
Industry Finance
Founded 1834
Headquarters Evansville, Indiana, USA
Key people
 Robert G. "Bob" Jones, CEO
Products Financial Services
Total assets $9.7 billion FY2013
Number of employees
 2,743 (2004)
Website www.oldnational.com
Old National Bank's Downtown Evansville riverfront headquarters was the first LEED-certified highrise in the state of Indiana.[1]

Old National Bank is a regional bank with over 150 retail branches operated by Old National Bancorp and based in Evansville, Indiana. With assets at $9.7 billion and over 200 banking centers, Old National Bancorp is the largest financial services bank holding company headquartered in Indiana and one of the top 100 banking companies in the U.S.[2] Its primary banking footprint is in Indiana, Illinois, Kentucky and Michigan. Old National also owns Old National Insurance, one of the 100 largest brokers in the U.S.

History

An Old National Bank location in Granger, Indiana

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, Illinois, Kentucky and Michigan.[3]

Old National participated in the Treasury Department's Troubled Asset Relief Program (TARP) 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.[4] In 2011 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.[5] 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. [6]

Services

The company offers cash management services, lease financing, debit cards, online banking, and other electronically accessed banking services. Old National Bancorp, through other subsidiaries, also provides various services, including investment advisory and wealth management, investment and brokerage, investment consulting, and insurance agency services.

In 1995, ONB was ranked number one in earnings momentum by banking journal Financial World. The bank was rated the 28th top performing bank in the nation for 2008 by Bank Director magazine.

References

  1. ↑ "Old National Place". Emporis. Retrieved 2008-10-17.
  2. ↑ "Old National Bank Corporate Profile". SNL Financial. Retrieved 2008-10-15.
  3. ↑ "About Old National". Old National Bank. Retrieved 2008-10-17.
  4. ↑ http://www.ibj.com/html/detail_page.asp?content=34134
  5. ↑ "Old National Bank to Acquire Branches in northern Indiana and southwestern Michigan" (PDF) (Press release). Old National Bank. January 9, 2013. Retrieved January 9, 2013.
  6. ↑ Newman, Judy (January 12, 2016). "Indiana bank buying Anchor BanCorp for $461M". Wisconsin State Journal.

Further reading

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