Old National Bancorp Announces Stock Repurchase Program

Rhea-AI Summary

Old National Bancorp (NASDAQ: ONB) announced a new stock repurchase program, allowing up to $200 million in buybacks of its common stock. These transactions may occur on the open market or via private negotiations and will be active until January 31, 2023. This strategic move aims to enhance shareholder value as the company continues to solidify its position within the competitive banking sector, boasting over $46 billion in assets after its recent merger with First Midwest Bancorp.

Positive

• Authorization for a $200 million stock repurchase program enhances shareholder value.
• Strategic measure following the merger with First Midwest Bancorp, indicating confidence in financial performance.

Negative

• None.

EVANSVILLE, Ind., Feb. 17, 2022 (GLOBE NEWSWIRE) -- Old National Bancorp (the “Company” or “Old National”) (NASDAQ: ONB) announced today that its Board of Directors approved a stock repurchase program that authorizes the Company to repurchase up to $200 million of the Company’s outstanding shares of common stock. Share repurchases under this program may be made from time to time on the open market, in privately negotiated transactions or through accelerated share repurchase programs in the discretion of, and at prices to be determined by, the Company. The program will be in effect until January 31, 2023.

ABOUT OLD NATIONAL

Old National Bancorp (NASDAQ: ONB), the holding company of Old National Bank, is the largest bank holding company headquartered in Indiana and recently completed its merger of equals transaction with First Midwest Bancorp, Inc. With more than $46 billion of assets and $34 billion of assets under management, it ranks among the top 35 banking companies in the U.S. and has been recognized as a World’s Most Ethical Company by the Ethisphere Institute for 10 consecutive years. Since its founding in Evansville in 1834, Old National Bank has focused on community banking by building long-term, highly valued partnerships and keeping our clients at the center of all we do. Today, Old National’s footprint includes Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota and Wisconsin. In addition to providing extensive services in retail and commercial banking, Old National offers comprehensive wealth management, investment and capital market services. For more information and financial data, please visit Investor Relations at oldnational.com.

FORWARD-LOOKING STATEMENTS

This press release, as well as any oral statements made from time to time by officers of the Company, may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those regarding current expectations, beliefs or forecasts of future events or the Company’s stock repurchase program, including the timing and amount of any repurchases under the program, all of which speak only as of the date the statements are made. These statements can be identified by the use of words such as “expect,” “may,” “could,” “will,” “believe,” or “anticipate,” and other words of similar meaning. Such forward-looking statements are based on beliefs, assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect, such as statements about the potential impacts of the COVID-19 pandemic. Therefore, undue reliance should not be placed upon these statements, estimates or beliefs. We cannot assure that any of these statements, estimates, or beliefs will be realized and actual results or outcomes may differ from those contemplated in these “forward-looking statements.” We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. You are advised to consult further disclosures we may make on related subjects in our filings with the Securities and Exchange Commission.

Media: Kathy A. Schoettlin (812) 465-7269
Investors: Lynell J. Walton (812) 464-1366

FAQ

What is the amount approved for Old National Bancorp's stock repurchase program?

Old National Bancorp has approved a stock repurchase program of up to $200 million.

How long will the stock repurchase program for ONB be active?

The stock repurchase program will be in effect until January 31, 2023.

What might impact the timing and amount of share repurchases by Old National Bancorp?

The timing and amount of share repurchases will be determined by the company based on market conditions and other factors.

What is Old National Bancorp's market position after the merger?

Old National Bancorp ranks among the top 35 banking companies in the U.S. with over $46 billion in assets.