Old Nat Completes Minnesota Acquisition
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe final step in Evansville-based Old National Bancorp’s (Nasdaq: ONB) acquisition of a Minnesota bank is complete. Officials say nearly $32 million in cash and over 16.5 million shares of ONB common stock have been delivered to former Anchor Bancorp Inc. shareholders. The total value of the deal, initially announced in August, was over $300 million.
Old National says the merger of Anchor Bank into Old National Bank makes it the seventh-largest deposit holder in the Twin Cities region. Anchor Bancorp shareholders on Monday approved the merger. There are currently 18 Anchor Bank locations in Minnesota that now bear the Old National name.