Evansville-based Old National Bancorp (Nasdaq: ONB) is reporting third quarter net income of $71.7 million, compared to $77.9 million during the same period a year ago. Chief Executive Officer Jim Ryan says the results were driven by multiple factors, including commercial loan growth, deposit growth, and reduced expenses.
The company says included in the third quarter were pre-tax charges of $1.4 million for the pending merger with Chicago-based First Midwest Bancorp Inc.
“In addition, we continued to make smooth, steady progress throughout the quarter on activities related to our merger of equals with First Midwest Bank, which we expect to be completed as soon as we receive Federal Reserve approval. As previously disclosed, we have already received approval from the OCC,” said Ryan.
The $6.5 billion deal was announced in June. The transaction is expected to close in late 2021 or early 2022.
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