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8-K - FORM 8-K - OLD NATIONAL BANCORP /IN/ | c62050e8vk.htm |
Exhibit 99.1
NYSE: ONB
www.oldnational.com
www.oldnational.com
Old National Bancorp Completes Acquisition of
Monroe Bancorp
Monroe Bancorp
DATE: January 3, 2011
For Further Information Call: | Financial Community: Lynell J. Walton (812) 464-1366 Media Relations: Kathy A. Schoettlin (812) 465-7269 |
EVANSVILLE, Ind. (January 3, 2011): Old National Bancorp (NYSE: ONB) announced that it has
completed its previously announced merger with Monroe Bancorp of Bloomington, Indiana, effective
January 1, 2011. Based on the closing price of $11.89 per share of Old National common stock on
December 31, 2010, the transaction is valued at approximately
$90.1 million.
This acquisition, which includes 15 banking centers in central and south central Indiana,
strengthens Old Nationals position as the third largest branch network in Indiana. Old National
also has branches in southern Illinois and western Kentucky.
Old National is pleased to further expand our banking network in our home state, said Old
National Bancorp President & CEO Bob Jones. Monroes community banking philosophy closely mirrors
Old Nationals, which helps make this transition easier and beneficial for our clients and the
communities we serve.
The merger of Monroe Bank, Monroe Bancorps banking subsidiary, into Old National Bank, the banking
subsidiary of Old National Bancorp, was also completed on January 1, 2011. Old National will
operate the newly acquired branches under the Monroe Bank trade name until the systems conversion
that is anticipated to occur in May, 2011.
At closing, each share of Monroe common stock was converted into the right to receive 1.216 shares
of Old National common stock. Any fractional shares will be paid in cash. Former Monroe
shareholders will receive a letter of transmittal from Old National explaining how to exchange
their shares. Old National expects to mail the letters of transmittal to former Monroe shareholders
by Friday, January 7, 2011.
About Old National Bancorp
Old National Bancorp, which celebrated its 175th anniversary in 2009, is the largest
financial services holding company headquartered in Indiana and, with $7.5 billion in assets, ranks
among the top 100 banking companies in the United States. Since its founding in Evansville in 1834,
Old National has focused on community banking by building long-term, highly valued partnerships
with clients in its primary footprint of Indiana, Illinois and Kentucky. In addition to providing
extensive services in retail and commercial banking, wealth management, investments and brokerage,
Old National also owns one of the largest independent insurance agencies headquartered in Indiana,
offering complete personal and
commercial insurance solutions. For more information and financial data, please visit the Investor
Relations section of the companys website at oldnational.com.
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