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Old National making another acquisition

Evansville-based Old National is acquiring another Michigan bank.

Old National Bancorp has announced the acquisition of Founders Financial Corporation through a stock and cash merger. The deal is valued at more than $88 million.

The acquisition follows Old National’s merger with another Michigan-based bank, United Bancorp. The Evansville-based bank also recently acquired Tower Financial in Fort Wayne and Lafayette-based LSB Financial.

A news release from Old National says it now has nearly $10.4 billion in total assets and more than 170 banking locations.