Old National Insurance Announces DealPosted: Updated:
A unit of Evansville-based Old National Bancorp. (Nasdaq: ONB ) is purchasing the accounts of the Wells Fargo Insurance office in the Vanderburgh County city. Old National Insurance says the deal involves mainly commercial property and casualty accounts. December 1, 2013
EVANSVILLE, IN -- Old National Insurance (ONI), a subsidiary of Evansville-based Old National Bancorp (NASDAQ: ONB), has agreed to purchase the insurance accounts presently serviced by the Evansville branch office of Wells Fargo Insurance (WFI). This consists primarily of commercial property and casualty accounts.
"We are thrilled about this acquisition, and we look forward to continuing to deliver the same exceptional service that Evansville-area WFI clients have come to expect," said Old National Insurance President and CEO Tom Flynn. "Our service-focused team of insurance experts is ready to exceed client expectations and earn their continued business."
The sale is expected to be completed on Sunday, Dec. 1, subject to customary closing conditions. As part of the acquisition, current WFI sales executives Rollie Lehnus and Mike Retter will join ONI's Evansville commercial insurance sales team.
"Old National Insurance is unbelievably excited to be adding Rollie and Mike to our Evansville team," said Frank Krisanits, ONI Southern Region president. "With their experience and expertise, they make an already strong team even stronger, while also helping to ensure a smooth transition for WFI clients."
"This partnership represents a tremendous strategic and cultural fit," added Bob Jones, Old National Bancorp president and CEO. "Meeting the insurance needs of our clients, in Evansville and beyond, is an integral part of Old National's mission to be a full-service financial institution."
About Old National Insurance
Old National Insurance, one of the top 100 insurance agencies in the United States and the 10th largest bank-owned insurance agency, is a wholly owned subsidiary of Old National Bancorp, the largest financial services holding company headquartered in Indiana with $9.7 billion in assets. Headquartered in Indianapolis with offices across the Midwest, Old National Insurance insures thousands of individuals and businesses regionally, nationally and internationally. ONI provides its clients with a full range of professional services including retail property and casualty, employee benefits, third party administration, risk management and alternative risk solutions.
About Old National
Old National Bancorp (NASDAQ: ONB) is the largest financial services holding company headquartered in Indiana and, with $9.7 billion in assets, ranks among the top 100 banking companies in the U.S. Since its founding in Evansville in 1834, Old National has focused on community banking by building long-term, highly valued partnerships with clients in its primary footprint of Indiana, Kentucky, Southern Illinois and Southwestern Michigan. In addition to providing extensive services in retail and commercial banking, wealth management, investments and brokerage, Old National also owns Old National Insurance, one of the 100 largest brokers in the U.S. For more information and financial data, please visit Investor Relations at oldnational.com.
Source: Old National Bancorp