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Old National, First Midwest Receive Final Regulatory Approval for Merger of Equals

January 28, 2022, 07:15 AM
Filed Under: Mergers & Acquisitions

Old National Bancorp and First Midwest Bancorp, Inc. announced that their merger of equals transaction, announced on June 1, 2021, has received Federal Reserve approval. This follows approvals received last year from the Office of the Comptroller of the Currency and stockholders of both companies.

With this final regulatory step completed, the merger is expected to occur on or before March 1, subject to customary closing conditions. It will create one of the largest banks headquartered in the Midwest, with over $45 billion of combined assets, a presence in six of the largest Midwestern MSAs, strong commercial banking capabilities, a robust retail footprint and a significant wealth platform.

“With nearly 270 combined years of service and a shared commitment to Midwestern values, Old National and First Midwest are both driven by a customer-centric approach to banking and an unwavering commitment to community,” said Old National Chairman & CEO Jim Ryan, who will remain as CEO of Old National following the closing. “Receiving Federal Reserve approval paves the way for us to create a premier Midwestern bank that will provide significant benefits for our clients, team members, communities and shareholders.”

“This partnership is, at its core, a growth strategy, and as a combined organization, we will be in an even stronger position to invest, grow and innovate in talent, capabilities and services that will further set us apart as a market leader across the Midwest,” added First Midwest Chairman and CEO Mike Scudder, who will become Old National’s Chairman once the merger is complete.

Post-closing, the combined organization will operate under the Old National Bancorp and Old National Bank names, with dual headquarters in Evansville, IN, and Chicago. Branch locations will continue to operate under their respective names until the system conversion is complete, which is currently anticipated to occur in July 2022.

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