Evansville, Ind. and you will Chi town, Ill. –Dated Federal Bancorp (“Old National”) (NASDAQ: ONB) and you will Very first Midwest Bancorp, Inc. (“Very first Midwest”) (NASDAQ: FMBI), as one established today they have entered into a decisive merger agreement to mix from inside the an almost all-inventory merger away from translates to transaction with an entire market price out-of $6.5 mil which will make a high Midwestern bank with $forty five million inside joint assets.
With nearly 270 joint several years of service and you will a contributed commitment so you can Midwestern values, Old Federal and you will First Midwest are two communities passionate by a good customer-centric method of banking, an unwavering commitment to community and you may a strong focus on business personal responsibility, deciding to make the mutual entity the newest biggest selection for personnel, customers and you can investors.
Under the regards to this new merger contract, that has been unanimously authorized by the Forums away from Administrators regarding each other organizations, Very first Midwest stockholders will receive step 1.1336 offers out-of Old Federal preferred inventory each express out of Basic Midwest preferred stock that they have.
Michael Scudder, Chairman and you may Chief executive officer of Earliest Midwest Bancorp, usually serve as new Administrator Chairman and you will Jim Ryan, President and you can Ceo out-of Dated National Bancorp, will keep their character while the Chief executive officer
- Draw Sander, Chairman and you can Master Functioning Administrator (Earliest Midwest)
- Jim Sandgren, Chief executive officer out-of Industrial Banking (Dated National)
- Brendon Falconer, Captain Economic Officer (Old National)
- Kendra Vanzo, Master Administrative Manager (Dated Federal)
- Kevin Geoghegan, Master Borrowing from the bank Officer (Basic Midwest)
- Thomas Prame, President from Society Banking (Basic Midwest)
- Chady AlAhmar, President from Money Government (Dated Federal)
This new business tend to services within the Old National Bancorp and Old National Financial names, having dual headquarters from inside the Evansville, Indiana and you can Chicago, Illinois
The new Panel regarding Administrators of one’s mutual business gets sixteen directors, consisting of 8 directors off Old Federal and 8 directors out of First Midwest. Becky Skillman, direct separate movie director to own Old Federal, tend to retain that it status on mutual company.
“First Midwest and you can Old National are two matchmaking-concentrated loan providers which have rich records, really appropriate cultures and you can a shared dedication to helping the website subscribers get to financial profits,” told you Michael Scudder, President and President out of Basic Midwest. “While the a combined company, we are in the a level more powerful standing to expend, expand and you will innovate within the talent, prospective and you can functions that may boost a currently advanced visitors feel and extra lay you apart just like the a market frontrunner not merely inside il but along the Midwest.”
“First Midwest’s frontrunners class and you may acquaintances not only echo the old Federal objective, viewpoints and community, they also promote exceptional individual and loans Tennessee industrial banking features,” said Old National Chairman and you may Ceo Jim Ryan. “We have been confident that the fresh powerful synergies, a lot more business exposure and you can financial strength so it connection brings usually push long-name stockholder value, and we was enthusiastic about consolidating brand new a fantastic legacies of a couple strong, client- and you can people-concentrated communities.”
Michael Scudder, President and you can President from Very first Midwest Bancorp, will serve as the fresh new Government President and Jim Ryan, Chairman and you will Chief executive officer off Dated National Bancorp, will maintain their role due to the fact Chief executive officer
- Strengthened business position: The brand new mutual team can establish the fresh new sixth premier bank based during the the brand new Midwest, having a visibility inside the half a dozen of the premier Midwestern MSAs, good commercial banking capabilities, an effective shopping impact and a serious money platform. The 2 banking institutions have zero provider urban area overlap, restricting disturbance.
- Top-tier commercial and you may society bank: With a bigger equilibrium sheet, a great deal more diverse geographical footprint and you may greater equipment room, the latest combined providers gets increased capability to suffice one another present and you will clients and you may contend with the largest banks in the region.
- Electronic and you will technology prospective: The fresh mutual providers creates the scale and you will profits to help you accelerate electronic and you will tech possibilities to operate a vehicle coming investments for the consumer, money administration and you will industrial banking features.
