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About Old National Bancorp
Old National Bancorp (NASDAQ: ONB) is a prominent financial services holding company headquartered in Evansville, Indiana. Established in 1834, it stands as one of the oldest banking institutions in the United States, with a rich history rooted in community-centered banking. As the sixth-largest commercial bank headquartered in the Midwest, Old National serves a diverse clientele across the Midwest and Southeast, including Indiana, Illinois, Kentucky, Michigan, and Tennessee. Its extensive footprint and strategic acquisitions place it among the top 30 banking companies in the United States by asset size.
Core Business Areas
Old National operates through a comprehensive suite of financial services, including:
- Retail and Commercial Banking: Offering a wide range of deposit products, consumer loans, commercial lending, and real estate financing, Old National caters to both individual and business clients.
- Wealth Management: Providing investment advisory, trust services, and capital market solutions tailored to high-net-worth individuals and institutional clients.
- Insurance Brokerage: Through Old National Insurance, one of the top 100 insurance brokers in the U.S., the company delivers risk management and insurance solutions to businesses and individuals.
By integrating these services, Old National positions itself as a one-stop financial partner for its clients, emphasizing long-term relationships and personalized service.
Market Position and Strategic Growth
Old National Bancorp has solidified its position as a leader in community banking by focusing on building enduring partnerships with clients and supporting the communities it serves. Its strategic acquisitions, such as the recent merger with CapStar Financial Holdings, have expanded its geographic reach and enhanced its service capabilities. With approximately $54 billion in assets and $31 billion in assets under management, the company is a significant player in the U.S. banking landscape.
Old National differentiates itself through its commitment to community engagement and its ability to adapt to the evolving financial needs of its clients. Its partnership with Infosys for digital transformation underscores its focus on leveraging technology to enhance operational efficiency and client experiences.
Competitive Landscape
Operating in the highly competitive financial services industry, Old National faces competition from both national and regional banks. Its emphasis on community banking, combined with its diversified service offerings and strategic growth initiatives, allows it to maintain a competitive edge. The company’s robust credit quality, disciplined expense management, and focus on core deposit growth further reinforce its market position.
Commitment to Community and Sustainability
Old National’s dedication to community banking extends beyond financial services. Recognized as one of "The Civic 50" by Points of Light, the company is celebrated for its commitment to corporate social responsibility and community development. This recognition reflects its efforts to strengthen the communities it serves through financial literacy programs, charitable contributions, and volunteerism.
Conclusion
With nearly two centuries of experience, Old National Bancorp exemplifies stability, adaptability, and a client-first approach. Its diversified business model, strategic growth through acquisitions, and focus on community impact position it as a trusted partner for individuals, businesses, and investors seeking comprehensive financial solutions.
Old National Bank announced its expansion into the greater Kansas City region with the opening of a new Commercial Banking office. The bank has hired Steve Liggett as Market President and David Robinson as Corporate Relationship Manager, both with extensive local banking experience. This move is part of Old National's strategy to enhance its commercial capabilities and strengthen its presence in the market. With over $46 billion in assets, Old National is recognized as a top banking company in the U.S. and aims to maintain its commitment to community banking.
Old National Bancorp (NASDAQ: ONB) announced that CEO Jim Ryan will participate in a virtual bank mergers and acquisitions panel at the 2022 RBC Capital Markets Financial Institutions Conference on March 9, 2022, at 1:20 p.m. Eastern Time. Interested investors can access the live webcast through the Investor Relations section of oldnational.com, with a replay available afterward. Old National, the largest bank holding company in Indiana, completed a merger with First Midwest Bancorp and manages over $34 billion in assets, recognized as a World’s Most Ethical Company for 10 consecutive years.
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.
On February 16, 2022, Old National Bancorp and First Midwest Bancorp announced the successful completion of their all-stock merger, forming the sixth-largest commercial bank in the Midwest with over $46 billion in assets. The merger, effective February 15, 2022, allows former First Midwest shareholders to receive 1.1336 shares of Old National stock per share held. The new company will continue under the Old National brand with a dual headquarters in Evansville and Chicago, and an integrated financial services approach aimed at enhancing customer engagement and market reach.
Old National Bancorp (NASDAQ: ONB) announced an $8.3 billion Community Growth Plan to support underserved communities, pending the merger with First Midwest. The Plan includes nearly $5 billion for community lending to low-to-moderate income (LMI) borrowers and $3.3 billion for community development projects over five years. Key commitments include $2 billion for mortgage lending, $3 billion for small business loans, and over $3 billion for community development investments. The combined entity will emerge as a significant banking force in the Midwest, enhancing services across its footprint.
Old National Bancorp (ONB) and First Midwest Bancorp announce the receipt of Federal Reserve approval for their merger, initially disclosed on June 1, 2021. The merger is anticipated to finalize by March 1, 2022, creating one of the largest banks in the Midwest with combined assets exceeding $45 billion. Both companies emphasize a customer-centric approach and community commitment, with the merger expected to enhance market competitiveness and growth opportunities. Old National will maintain its branding and dual headquarters post-merger.
Old National Bancorp has declared a quarterly dividend of $0.14 per share on its common stock, payable on March 15, 2022. Shareholders of record as of March 4, 2022 will receive this dividend, with the ex-date being March 3, 2022. This dividend represents an annualized yield of 3.0% based on its closing price of $18.87 on January 26, 2022. Old National Bancorp, with $24.5 billion in assets, is the largest bank holding company in Indiana and operates in several states, providing extensive banking and wealth management services.
Old National Bancorp (NASDAQ: ONB) reported a net income of $56.2 million for Q4 2021, with diluted EPS of $0.34, showcasing robust commercial loan growth and controlled expenses. Adjusted net income reached $60.9 million or $0.37 per diluted share. For the full year, net income stood at $277.5 million ($1.67 per diluted share), driven by a 6.9% growth in commercial loans. Despite a decrease in net interest income to $146.8 million, the company maintained strong credit quality with a non-performing loans ratio of 0.92%.
Old National Bancorp (NASDAQ: ONB) will announce its fourth-quarter and full-year 2021 financial results on January 18, 2022. A conference call at 9:00 a.m. (Central) will provide insights into these results, including strategic developments and the company's financial outlook. The call will be accessible via a U.S. and international dial-in number, with a replay available from January 18 to February 1. Old National Bancorp, headquartered in Indiana, is a major player in community banking with $24.0 billion in assets and a presence in five states.
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