Q&A with Kathy Schoettlin on Old National Bank’s 190th anniversary, acquisition
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On May 1, Evansville-based Old National Bancorp closed its acquisition of Minnesota-based Bremer Financial Corp. With the acquisition, the company has more than $70 billion in assets and 5,500 employees across ten states.
Old National also began celebrating its 190th anniversary in November. Kathy Schoettlin, chief communications, culture and social responsibility officer, spoke with Inside INdiana Business about the bank’s successes, challenges and future.
This interview has been edited for length and clarity.
What is Old National’s origin story?
It started on the banks of the Ohio River in 1834 in a small, single-floor building at the exact location where our headquarters is located today. Those initial bankers provided financial solutions for community residents, local merchants and those passing through. My understanding is that they sold fur from the back door, and the bank was in the front.
Since 1834, we’ve partnered with over 50 financial institutions and other financial service businesses.
What services does the company offer?
We are what you might call a basic “Main Street” bank. In addition to providing a wide array of consumer and commercial products and services, we offer comprehensive wealth management and capital market services. We focus on building long-term, highly valued relationships with our clients. We’re also laser-focused on ensuring that we strengthen the communities we serve. Our hallmark is banking with heart.
What successes has Old National celebrated in recent years?
Over the last three years, Old National has experienced growth through traditional means and partnerships. The Chicago-based First Midwest partnership was completed in 2022. That was a merger of equals. Our Tennessee-based CapStar partnership was completed in 2024. In late 2024, we announced our Bremer partnership, which closed on May 1 of this year.
We were also named by Points of Light as one of The Civic 50 for 2024, an honor reserved for the 50 most community-minded companies in the United States. We are deeply honored by this recognition and believe it represents our legacy as a community bank.
What challenges has the company faced in recent years?
We have faced the same challenges that all consumer and commercial banks have faced over the last few years related to interest rates and a tightened credit market, which we have been able to navigate better than most of our peer banks. We have actually grown during this period and have continued to not only serve our clients but also work to exceed their expectations.
What sets Old National apart from other financial institutions?
That has a lot to do with being a relationship-based bank. We want to provide financial solutions to our clients through building close relationships. We have a deep commitment to strengthening the communities we serve. We are intentional and work diligently to do that, trying to meet whatever community needs there might be and making sure that we support their needs not only through volunteerism but also financially.
What also sets us apart is our culture, which is critical to our success. We work hard to ensure we have a positive and nurturing culture, which results in our team members rating us highly as a great place to work. This also creates additional opportunities for our community-focused team members to give back through volunteerism and financial support to local non-profit partners.
We even have a mantra—and this is something Jim Ryan, our chairman and CEO, shares at the close of his weekly email—and that is to love, care for and support each other. We do that from an authentic place. That is critically important to us in relation to culture and carrying that culture through to our team members.
What is the latest mortgage rate outlook?
It’s always challenging to speculate about rates, but we generally anticipate mortgage rates for the remainder of 2025 and into 2026 to be roughly flat. Inflation, historically elevated sales prices and low inventory continue to be headwinds that just won’t go away.
The good news is that the housing inventory is showing some signs of easing. Old National’s home lending continues to thrive throughout our footprint because of competitive rates, an abundance of products and a talented sales team.
What role does Old National play in Evansville’s business community?
We are deeply rooted in Evansville and honored to be part of this great community. This is our home base, and we want to ensure that it continues to thrive. We want to make sure that we’re part of Evansville for another 190 years. We’re going to do everything we can to make sure it continues to be a vibrant and dynamic community.
We encourage our team members and almost have an expectation for our team members to be engaged. Whether it be volunteerism, being part of community events or serving on boards. Jim Ryan, our chairman and CEO, is deeply engaged in the Evansville community. If you think of the River Vision plan, he was involved in that, and E-REP [Evansville Regional Economic Partnership] and the list goes on and on.
Our entire executive leadership team is involved in various boards and programs to ensure that we continue to help strengthen the community and make sure it’s vibrant and thriving. Because it’s all about our neighbors, right? This is where many of us were born and raised, and we look forward to the next generation continuing to carry on that mantra.
What does it mean for the company to reach its 190-year milestone?
It’s a testament to our longevity and service to this community. Being here for 190 years, we have every expectation to continue to do what we can in growing the community and making the community thrive. And also, continuing our approach to service for our clients, exceeding expectations and believing we’ll be as relevant tomorrow as we are today in this great community that we are proud to call home.
What’s next for Old National in 2025?
We’re currently hard at work on our Bremer Bank partnership integration, with a systems and facilities conversion planned for mid-October. The partnership significantly strengthens Old National’s ability to serve clients in the upper Midwest, and it also positions us well to invest in technology and other client-focused enhancements throughout our footprint.
From a cultural perspective, the partnership could not be a better fit as Bremer’s stated purpose is to “cultivate thriving communities.” We are going to continue to enhance our approach to client service and our ability to delight our clients while at the same time working to strengthen our communities.
We will also continue to focus on culture while caring and supporting our team members. As a $70 billion bank, it is an exciting time to be at Old National and to reflect on our 190-year journey.
Anything else you’d like to add?
We have something we started two years ago, it’s called Better Together Days. This is where we ask our team members to volunteer at least four hours during the workday over a two-day period for the local community groups and nonprofit organizations that we partner with on a regular basis.
It’s an organized effort, and it takes a lot of work, but the impact in our communities is extraordinary. Last year, we had 2,400 of our team members serve over 7,600 hours in support of approximately 200 organizations.
As we continue to grow, this year is a celebration and reflection on 190 years, our beginnings in Evansville and our deep commitment to Evansville, the local economy and community. The majority of our team members are in our Evansville headquarters location, and we will continue our almost two-century investment in the River City as well as all the communities we serve.