Old National Details Sales, Closings
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowEvansville-based Old National Bancorp (Nasdaq: ONB) has announced plans to divest itself of 36 banking centers in Indiana, Michigan, Kentucky and Illinois. The moves include selling five locations to Greensburg-based MainSource Financial Group (Nasdaq: MSFG) and a dozen branches to First Mid-Illinois Bancshares Inc. (Nasdaq: FMBH). Nineteen others will be closed or consolidated in March and May. In a notice to the U.S. Securities and Exchange Commission, Old Nation lists the following banks in Indiana, Kentucky and Michigan to be closed or consolidated:
“The following banking centers will be closed or consolidated into other ONB locations with an expected timing of mid-March 2015:
Fishers Starbucks – Fishers, IN
Jasper Manor – Jasper, IN
Vincennes Plaza – Vincennes, IN
Washington Main – Washington, IN
South Adrian – Adrian, MI
Greenville Airport – Greenville, KY
The following banking centers will be closed or consolidated into other ONB locations with an expected timing of mid-May 2015:
Fox Road Marsh – Indianapolis, IN
Pendleton Pike Starbucks – Indianapolis, IN
Franklin Walmart – Franklin, IN
Westfield Kroger, Westfield, IN
Longden/Williams – Greencastle, IN
West Lafayette Marsh – Lafayette, IN
Hillsboro – Hillsboro, IN
Losantville – Losantville, IN
Marion – Marion, IN
Fort Branch – Fort Branch, IN
Constantine – Constantine, MI
Fairplain – Benton Harbor, MI
Beechmont – Beechmont, KY”
Source: The U.S. Securities and Exchange Commission
Excerpt From Old National's February 2, 2015 Earnings Report
“As we move into 2015, we will remain focused on achieving our strategic imperatives by executing on three key initiatives: growing organic revenue, improving the operating leverage of the franchise, and prudently utilizing capital,” noted Jones. “I'm confident that our steady focus on these initiatives, coupled with the work we have done to transform our franchise over the last few years, will continue to position Old National well for future growth and keep us on a path to becoming a true high performance organization.”
With the ultimate goal of being a high-performing financial institution, Old National announced on January 30, 2015, actions that should improve the operating leverage of the franchise. These actions include the sale of Old National's Southern Illinois franchise and Lawrenceville, Illinois location (12 branches), the sale of five branches in Eastern Indiana and Ohio, and the consolidation or closing of an additional 19 branches throughout the Old National franchise. In addition, an early retirement program will be implemented by the Company.
Source: Old National Bancorp