Northwest Indiana Business Magazine

Northwest Indiana’s Leading Regional Business Magazine Since 1991

  • Home
  • Industries
    • Banking
    • Education
    • Health & Wellness
    • Manufacturing & Technology
    • Professional Services
    • Real Estate & Building
    • Small Business & Entrepreneurship
    • Tourism & Recreation
    • Transportation & Logistics
  • Community
    • Around the Region
    • Business News Bits
    • Economic Development
    • Events
    • Leadership
    • Making a Difference
  • Lifestyle
    • Arts & Entertainment
    • Sports
  • Opinion
    • Viewpoint
    • Publisher’s Note
  • Jobs
  • Webinars
  • Magazine
    • Current Issue
    • Past Issues Archive
    • Advertise With Us
    • Business News eNewsletter
    • Subscriptions and Renewals
    • Contributing Writers
    • Editorial and Business Advisory Board
    • Magazine Team
  • About
    • Contact
    • Advertise With Us
    • Subscriptions and Renewals
    • Our History
    • Privacy
    • Terms
  • Log In
You are here: Home / Community / Business News Bits / Federal regulators approve Old National, First Midwest merger

Federal regulators approve Old National, First Midwest merger

January 28, 2022 – By Larry Avila Leave a Comment

Old National Bank

Federal regulators have given the green light to a merger between Old National Bancorp and First Midwest Bancorp Inc.

The banks announced the regulatory approval Jan. 27. The deal, originally announced June 1, 2021, already received approvals from the Office of the Comptroller of the Currency and stockholders of both companies.

Representatives for both organizations expect the merger to occur on or before March 1. The combined banks will create one of the largest Midwest-based financial institutions with more than $45 billion in combined assets and a presence in six of the largest Midwestern metropolitan areas.

“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 and CEO Jim Ryan, who will remain as CEO of Old National after the deal closes. “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.”

First Midwest

Mike Scudder, First Midwest chairman and CEO, will become Old National’s chairman once the merger closes.

The combined organization will operate under the Old National Bancorp and Old National Bank names, with dual headquarters in Evansville and Chicago. Branch locations will continue to operate under their respective names until the system conversion is completed by July.

First Midwest has more than 100 branches in the Chicago area and Northwest Indiana and about $22 billion in assets. Old National operates more than 160 locations across Indiana, Illinois, Kentucky, Michigan, Minnesota and Wisconsin and has more than $24 billion in assets.

Old National’s Indiana locations primarily are in the South Bend and Elkhart areas.

  • Author
  • Recent Posts
Larry Avila
Follow me
Larry Avila
Larry is an award-winning journalist with more than 25 years of experience working with daily newspapers and business-to-business publications around the Midwest. Avila is a Michigan native and a graduate of Central Michigan University.
Larry Avila
Follow me
Latest posts by Larry Avila (see all)
  • Former Level One Bank CEO joins First Merchants board - May 27, 2022
  • LaPorte County officials see opportunity in departure of mattress maker - May 27, 2022
  • Franciscan Health partners with Lurie Children’s Hospital of Chicago to enhance neonatal care - May 26, 2022

Filed Under: Banking, Business Acquisition, Business News Bits, Merger Tagged With: Around the Region, First Midwest Bank, merger, Old National Bank

Leave a Reply Cancel reply

You must be logged in to post a comment.

Print Issue

April-May 2022

April-May 2022 issue

Magazine Articles

In this issue

Around the Region

2022 Best of Business

For the good of everyone

New venues take spotlight

LEED-ing the way to future

Green new future

Record-breaking housing boom

Catalyst for tasty change

Forging path into Indiana

True to its active mission

Viewpoint: Indiana’s future a sure bet

Categories

Archives

  • Home
  • Current Issue
  • Business News Bits
  • Archive
  • Advertise With Us
  • Subscriptions and Renewals
  • Privacy
  • Terms
  • Contact

© Copyright 1991-2022 Linker Media Group, Inc · All Rights Reserved

Posting....