The previously-announced merger of Evansville-based Old National Bancorp (Nasdaq: ONB) with First Midwest Bancorp Inc. of Chicago has received final regulatory approval. Old National says the Federal Reserve signed-off on the merger of equals transaction, which clears the way for the $6.5 billion deal to be finalized by March 1.
The banks say together they will have $45 billion in combined assets, making it one of the largest banks headquartered in the Midwest.
The institution, which will operate under the Old National Bank brand, will continue to have headquarters in Evansville and Chicago.
“Receiving Federal Reserve approval paves the way for us to create a premier Midwestern bank that will provide significant benefits for our clients, team members, communities and shareholders,” said Old National Chairman and Chief Executive Officer Jim Ryan, who will remain as CEO. “With nearly 270 combined years of service and a shared commitment to Midwestern values, Old National and First Midwest are both driven by a customer-centric approach to banking and an unwavering commitment to community.”
Current First Midwest CEO Mike Scudder will become Old National’s chairman once the merger is complete.
Branch locations will continue to operate under their respective names until the system conversion is complete, which the company says should occur in July.