Old National acquiring Minnesota bank

Aug 8, 2017

Old National Bank is expanding to the Twin Cities.

Old National has announced a $303 million agreement to acquire St. Paul, Minnesota-based Anchor Bancorp through a stock and cash merger.

A news release from Old National says the transaction will make the Evansville-based banking corporation the seventh largest deposit holder in the Twin Cities.

Old National says Anchor Bank has no affiliation with the former AnchorBank in Madison, Wisconsin, which Old National acquired last year.

The Minnesota-based Anchor was founded in 1967 and operates 18 branches.

Old National President & CEO Bob Jones calls the new partnership “a natural extension of our franchise.”

The transaction is subject to regulatory approval and a vote by Anchor shareholders.