Old National Bank is an American
regional bank
A regional bank is a depository institution, i.e. a bank, savings and loan, or credit union, which is larger than a community bank, which operates below the state level, but smaller than a national bank, which operates either nationally or intern ...
with nearly 200 retail branches operated by Old National Bancorp and based in
Chicago
(''City in a Garden''); I Will
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,
Illinois
Illinois ( ) is a state in the Midwestern United States. Its largest metropolitan areas include the Chicago metropolitan area, and the Metro East section, of Greater St. Louis. Other smaller metropolitan areas include, Peoria and Rockf ...
and
Evansville
Evansville is a city in, and the county seat of, Vanderburgh County, Indiana, United States. The population was 118,414 at the 2020 census, making it the state's third-most populous city after Indianapolis and Fort Wayne, the largest city in ...
,
Indiana
Indiana () is a U.S. state in the Midwestern United States. It is the 38th-largest by area and the 17th-most populous of the 50 States. Its capital and largest city is Indianapolis. Indiana was admitted to the United States as the 19th s ...
. With assets at $23.0 billion and 162 banking centers, Old National Bancorp is the largest financial services bank
holding company
A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...
headquartered in Indiana and one of the top 100 banking companies in the U.S. Its primary banking footprint is in Illinois, Indiana, Kentucky, Michigan, Minnesota, and Wisconsin.
History
![Old National Bank, Granger, IN](https://upload.wikimedia.org/wikipedia/commons/1/1e/Old_National_Bank%2C_Granger%2C_IN.JPG)
The bank was founded in 1834 as the city's first bank. It has operated under several names, including Evansville National Bank and Old State National Bank. In 1922, it was officially named Old National Bank. The bank holding company Old National Bancorp was formed in 1983 as a multi-bank holding company and now operates in
Indiana
Indiana () is a U.S. state in the Midwestern United States. It is the 38th-largest by area and the 17th-most populous of the 50 States. Its capital and largest city is Indianapolis. Indiana was admitted to the United States as the 19th s ...
, Michigan, Wisconsin, Minnesota, Kentucky and Illinois.
In November 1995, Old National acquired the
Greencastle-based First United Savings Bank for $18 million in stock.
In the following year, Old National acquired the Bloomington-based Workingmens Capital Holdings with its Workingmens Federal Savings Bank subsidiary for an undisclosed amount in stock.
Old National participated in the
Treasury Department's
Troubled Asset Relief Program
The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by President ...
(TARP) with the Treasury Department buying $100 million in preferred, non-voting stock. However, by March 2009 Old National had repurchased all of its outstanding stock and had fully exited the TARP program.
In 2009,
Charter One's Indiana bank branches became Old National Bank after Old National Bank bought Charter One's Indiana operations.
In January 2011, Old National acquired
Bloomington-based Monroe Bancorp with its Monroe Bank subsidiary for $90 million in stock.
Later that year,
Integra Bank was closed by the
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cr ...
and all deposit accounts, excluding certain brokered deposits, were transferred to Old National.
In 2012, Old National acquired 24 retail bank branches of
Bank of America
The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank ...
in northern Indiana and southwest Michigan. In 2014, Old National acquired four banks: Tower Bank in
Fort Wayne, Indiana
Fort Wayne is a city in and the county seat of Allen County, Indiana, United States. Located in northeastern Indiana, the city is west of the Ohio border and south of the Michigan border. The city's population was 263,886 as of the 2020 Censu ...
, United Bank in
Ann Arbor, Michigan, Lafayette Savings Bank in
Lafayette, Indiana
Lafayette ( , ) is a city in and the county seat of Tippecanoe County, Indiana, United States, located northwest of Indianapolis and southeast of Chicago. West Lafayette, on the other side of the Wabash River, is home to Purdue University, whi ...
, and Founders Bank & Trust in
Grand Rapids, Michigan
Grand Rapids is a city and county seat of Kent County in the U.S. state of Michigan. At the 2020 census, the city had a population of 198,917 which ranks it as the second most-populated city in the state after Detroit. Grand Rapids is the ...
.
In January 2016, Anchor BanCorp Wisconsin, the parent company of AnchorBank, the third-largest bank based in
Wisconsin
Wisconsin () is a state in the upper Midwestern United States. Wisconsin is the 25th-largest state by total area and the 20th-most populous. It is bordered by Minnesota to the west, Iowa to the southwest, Illinois to the south, Lake M ...
, announced that Old National intends to buy Anchor for approximately $461 million. The transaction closed in May of the same year.
In August 2017, Old National agreed to buy Anchor Bank of
Minnesota
Minnesota () is a state in the upper midwestern region of the United States. It is the 12th largest U.S. state in area and the 22nd most populous, with over 5.75 million residents. Minnesota is home to western prairies, now given over to ...
for $303 million. The acquisition will add 17 locations in the
Twin Cities
Twin cities are a special case of two neighboring cities or urban centres that grow into a single conurbation – or narrowly separated urban areas – over time. There are no formal criteria, but twin cities are generally comparable in sta ...
and 1 in
Mankato
Mankato ( ) is a city in Blue Earth, Nicollet, and Le Sueur counties in the state of Minnesota. The population was 44,488 according to the 2020 census, making it the 21st-largest city in Minnesota, and the 5th-largest outside of the Minnea ...
plus $1.7 billion in deposits and $2.1 billion in assets. In June 2018,
KleinBank, based out of
Chaska, Minnesota
Chaska is a city and the county seat of Carver County, Minnesota, United States. An outer ring suburb of the Twin Cities, Chaska is home to the Hazeltine National Golf Club and is known for its historic downtown area located on a bend of the ...
, announced its 21 locatons were being acquired by Old National, increasing Old National's presence in the western suburbs of Minneapolis.
In 2021, Old National merged with
First Midwest Bancorp, combining the companies assets, retaining the Old National name and maintaining headquarters in Chicago and
Evansville
Evansville is a city in, and the county seat of, Vanderburgh County, Indiana, United States. The population was 118,414 at the 2020 census, making it the state's third-most populous city after Indianapolis and Fort Wayne, the largest city in ...
.
Services
The company offers retail banking (checking accounts, savings accounts and certificates of deposit, consumer loans including home mortgages, health savings accounts and small business banking & lending), business or commercial banking (checking accounts, savings accounts & CDs, commercial loans and lines of credit, credit cards, capital markets, treasury management, and merchant services), and wealth management, investment, trust and retirement products and services.
In 1995, ONB was ranked number one in earnings momentum by banking journal ''Financial World''. The bank was rated the 28th top performing bank in the nation for 2008 by ''Bank Director'' magazine.
References
Further reading
* Bronstein, Barbara F., "In Evansville, All the Top Players are Local," American Banker, March 10, 1995, p. 7.
* Meschi, Robert L., and Kurt Badenhausen, "The Big Mo: FW Grades America's 100 Largest Banks on Their Earnings Momentum," Financial World, February 21, 1995.
* Old National Bank 150th Anniversary, 1834-1984: From Evansville's First to Evansville's Largest, Evansville, Ind.: Old National Bank, 1984.
* Perrone, Ellen, "Old National to Increase Its Out-Of-State Influence," Indianapolis Business Journal, May 22, 1995, p. 9B.
* International Directory of Company Histories, Vol. 15. St. James Press, 1996.
External links
*
{{Authority control, state=expanded
Companies based in Chicago
Companies based in Evansville, Indiana
Banks based in Illinois
Banks based in Indiana
Banks established in 1834
1834 establishments in Indiana