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ONB Merging With First Midwest; Will Keep Old National Name

John Gibson

Old National Bancorp is planning to merge with a Chicago-based banking company. 

The deal is pending regulatory approval.

On its website, Old National says it’s entered into a definitive merger agreement with First Midwest Bancorp.

The Evansville-based bank says the all-stock merger has a total market value of $6.5 billion.

Old National and First Midwest say the merger will create a “premier Midwestern bank with $45 billion in combined assets.”

ONB says the new organization will operate under the Old National Bancorp and Old National Bank names, with dual headquarters in Evansville and Chicago.

The companies say First Midwest Chairman and CEO Michael Scudder will serve as the Executive Chairman and Jim Ryan, Chairman and CEO of Old National Bancorp, will maintain his role as CEO.

The merger will also create more leadership positions.

There is no word on how the merger may impact Old National’s overall workforce or banking locations.

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