Evansville-based Old National Bancorp (Nasdaq: ONB) says it will close 15 branches as part of efficiency efforts following its largest-ever acquisition. Old National is reporting third quarter net income of $34.7 million, compared to $37.7 million a year ago and attributes the dip to $5.5 million in charges connected to the Anchor BanCorp Wisconsin Inc. deal.
The deal was valued at $460 million and last month, officials announced the nearly four dozen Anchor Bank locations had completed the switch to Old National Bank-branded branches. Old National now has 201 branches in its portfolio and the bank says the branch closings are slated to take place in the first quarter of next year.
Chief Executive Officer Bob Jones says "our 3rd quarter results represent a continuation of several positive trends from previous quarters, including meaningful organic loan growth, increased tangible book value, well controlled operating expenses and strong credit metrics. The fact that we achieved these gains in a challenging, low-rate environment while also successfully completing the conversion of Anchor is a testament to our ability to execute our growth plan."
Old National also says it registered "nice growth" in the Q3 loan portfolios of its new Wisconsin region and the Louisville market, which includes a new Lexington office.
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