Old National Profit Rises in Q3
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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) is reporting third quarter net income of $39.4 million, up from $34.7 million during the same period last year. Chief Executive Officer Bob Jones says the results are a "good illustration of the transformation of the Old National franchise."
The earnings report comes as Old National is expecting to complete its $300 million acquisition of Minnesota-based Anchor Bancorp Inc. The deal, which received federal regulatory approval earlier this month, remains subject to approval from Anchor shareholders. The acquisition is expected to close November 1.
"Our recent entry into many of the higher growth markets in the Midwest is reflected in the strong commercial loan growth we have seen now for 10 quarters," said Jones. "This consistent growth, coupled with the ability to fund our balance sheet through core deposits and take advantage of low funding costs provides for stable margins and positions us well for future growth."
You can view the full Old National earnings report by clicking here.