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Old National and First Midwest Complete Merger of Equals

February 17, 2022, 07:10 AM
Filed Under: Mergers & Acquisitions

Old National Bancorp and First Midwest Bancorp, Inc. jointly announced they have completed their all-stock merger of equals, announced on June 1, 2021.

The combined company creates the sixth-largest commercial bank headquartered in the Midwest based on assets, with more than $46 billion of combined assets, $34 billion of assets under management, strong commercial banking capabilities, a robust retail footprint and a significant wealth platform.

“The completion of this partnership marks an historic milestone for both Old National and First Midwest,” said Jim Ryan, CEO of Old National. “We are excited to bring the promise of our two companies together and leverage our talent, expertise and increased scale and market presence to benefit our clients, team members, communities and shareholders.”

“This combination makes us one of the Midwest’s largest commercial banks and positions us well for continued expansion, investment, and innovation in talent, capabilities and services,” said Mike Scudder, Executive Chairman of the combined company. “We look forward to building upon the strong legacy of exceptional relationship banking and community engagement that both banks have developed over several decades to create even more opportunities to help our clients achieve financial success.”

The combined organization will operate under the Old National Bancorp and Old National Bank names, with dual headquarters in Evansville and Chicago. Clients will continue to be served through their respective Old National or First Midwest branches, websites, mobile apps, financial advisors and relationship managers until the system conversion is complete, which is anticipated in July. For convenience, clients can continue to use the full ATM network of both banks for cash withdrawals at no charge.

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