Monday was a big day for Old National Bancorp.
The Evansville-based banking company has sold Old National Insurance for $93 million and also closed on its $460 million merger with Anchor BanCorp of Wisconsin.
Chief Executive Officer Bob Jones tells Inside Indiana Business the decision to sell the insurance company was not taken lightly, and the bank looked for a good partner.
That partner turned out to be Prime Risk Partners, which is acquiring the insurance business. It will be renamed ONI Risk Partners once the deal closes, which is expected in the second quarter.
The deal also includes the sale of Old National Insurance's third-party administrator subsidiaries, Employee Plans LLC and JWF Specialty.
Meantime, the completed merger with Anchor Bancorp means Old National now has more than $42 billion in total assets and nearly four dozen banking centers in Wisconsin.