Old National expanding into Detroit market
Evansville-based Old National Bancorp (Nasdaq: ONB) is growing its footprint in Michigan. The bank announced Thursday it is establishing a commercial banking office in the Detroit metropolitan area and adding seven jobs.
The office, located in Troy, Michigan, will be led by Metro Detroit Market President Rick Hampson, who has nearly 30 years of experience in commercial banking, including positions with Citizens Bank and PNC Bank.
“What excites me most about this expansion is that we have the right team and relationships in place to serve this important market,” George Baily, Michigan state executive for Old National, said in a news release. “This builds upon the great work we are doing with our clients throughout Michigan, and the move into Metro Detroit represents a natural growth progression for the bank.”
The bank did not disclose its financial investment in the new office.
A spokesperson for Old National told our partners at the IBJ there are no immediate plans to add any retail branches in the Detroit market; the bank is starting with a solely commercial focus.
The expansion is not the bank’s first foray into Michigan. Old National currently has branches in Ann Arbor, Brighton, Jackson, Adrian, Tecumseh, Dundee, Battle Creek, Kalamazoo, Grand Rapids and Holland.
Old National bills itself as the sixth largest commercial bank headquartered in the Midwest. The bank is Indiana’s 27th largest public company $810 million in revenue, according to IBJ research.