$6.5B Merger Will Create Midwest Banking Powerhouse
Old National Bancorp and First Midwest Bancorp have agreed to combine in an all-stock merger of equals transaction with a total market value of $6.5 billion. The post-merger bank will operate under the Old National Bancorp and Old National Bank names, with dual headquarters in Evansville, IN and Chicago, and will have $45 billion in combined assets.
Michael Scudder, chairman and CEO of First Midwest, will serve as executive chairman, while his Old National counterpart, Jim Ryan, will maintain his role as CEO.
“First Midwest and Old National are two relationship-focused financial institutions that have rich histories, extremely compatible cultures and a shared commitment to helping our clients achieve financial success,” said Scudder. “As a combined organization, we will be in an even stronger position to invest, grow and innovate in talent, capabilities and services that will enhance an already superior client experience.”