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Old National Bank

From Alfawiki
Old National Bancorp
Old National Bank
Company typePublic
Template:NASDAQ
S&P 400 Component
IndustryFinance
Founded1834; 192 years ago (1834) (originally Evansville National Bank)
HeadquartersChicago, Illinois
Evansville, Indiana, U.S.
Number of locations
180+
Area served
Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Tennessee, Wisconsin[1]
Key people
James "Jim" Ryan (CEO)
Jeff C. Newcom (COO)
ProductsFinancial services
Increase $277.5 million (2021) $226.5 million (2020)
Total assetsIncrease $24.5 billion (2021) $23.0 billion (2020)
Number of employees
2,900+ (2019)
Websiteoldnational.com

Old National Bank operates as a regional banking institution in the United States with close to 200 branches managed by Old National Bancorp, headquartered in both Chicago and Evansville, Indiana. Boasting $48.5 billion in assets and 250 banking centers, it stands as the largest financial services bank holding company in Indiana and ranks within the top 30 banking organizations nationwide.[2] Its operational reach includes Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Tennessee, and Wisconsin.[1]

History

Established in 1834 as Evansville’s inaugural bank, it underwent several name changes before adopting the Old National Bank designation in 1922. The formation of the holding entity Old National Bancorp occurred in 1983 to oversee multiple banking institutions across Indiana, Michigan, Wisconsin, Minnesota, Kentucky, and Illinois.[3]

Notable acquisitions include the 1995 purchase of First United Savings Bank of Greencastle for $18 million in stock and the 1996 acquisition of Bloomington-based Workingmens Capital Holdings. By March 2009, Old National had repaid its preferred stock and exited the Treasury Department's Troubled Asset Relief Program (TARP).

The bank expanded its footprint in 2009 by acquiring Charter One’s branches located in Indiana.[4] Further growth included a $90 million stock acquisition of Monroe Bancorp in 2011 and the absorption of Integra Bank deposits following its FDIC closure that same year.[5][6] In 2012, it incorporated 24 Bank of America branches throughout northern Indiana and southwest Michigan.[7] Subsequent acquisitions from 2014 comprised Tower Bank (Fort Wayne), United Bank (Ann Arbor), Lafayette Savings Bank (Lafayette), and Founders Bank & Trust (Grand Rapids).

In May 2016, Old National acquired Wisconsin’s AnchorBank for roughly $461 million,[8] followed by the August 2017 purchase of Anchor Bank of Minnesota for $303 million—adding $2.1 billion in assets and strengthening its presence in the Twin Cities market.[9] In June 2018, Old National expanded further by acquiring KleinBank’s 21 locations situated in Minneapolis suburbs.[10]

The merger with First Midwest Bancorp in 2021 consolidated assets under the Old National brand while preserving dual headquarters based in Chicago and Evansville.[11]

On April 10, 2023, a tragic mass shooting at the Louisville branch resulted in five employee deaths and eight injuries.[12]

In April 2024, CapStar Financial Holdings merged into Old National Bancorp with CapStar Bank becoming a division within Old National.[13]

On November 25, 2024, Old National revealed plans to acquire Minnesota-based Bremer Bank for $1.4 billion; this transaction closed in October 2025 creating a combined entity valued at $70 billion.[14]

Services

The institution delivers a range of retail banking solutions, including checking and savings accounts, certificates of deposit, consumer financing such as home mortgage loans, as well as banking and lending services tailored for small businesses. Its commercial banking portfolio features checking and savings accounts, CDs, commercial lending and credit lines, credit card services, capital markets activities, treasury management, and merchant services. Furthermore, the company provides wealth management, investment advisory, trust administration, and retirement planning products.

In 1995, Old National Bank earned recognition for its earnings momentum from Financial World, and in 2008 it was ranked 28th among the highest-performing U.S. banks by Bank Director magazine.

Further reading

  • Bronstein, Barbara F. (March 10, 1995). "In Evansville, All the Top Players are Local". American Banker. p. 7.
  • Meschi, Robert L., and Kurt Badenhausen (February 21, 1995). "The Big Mo: FW Grades America's 100 Largest Banks on Their Earnings Momentum". Financial World.
  • Old National Bank 150th Anniversary, 1834-1984: From Evansville's First to Evansville's Largest, Evansville, Ind.: Old National Bank, 1984.
  • Perrone, Ellen (May 22, 1995). "Old National to Increase Its Out-Of-State Influence". Indianapolis Business Journal. p. 9B.
  • International Directory of Company Histories, Vol. 15. St. James Press. 1996.

External links

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