The Federal Reserve approved the merger of equals transaction between Old National Bancorp and First Midwest Bancorp, following the approval the companies received last year from the Office of the Comptroller of the Currency and stockholders of both companies.
With this final regulatory step completed, the merger is expected to occur on or before March 1, subject to customary closing conditions. It will create a Midwest-based bank with more than $45 billion of combined assets.
“With nearly 270 combined years of service and a shared commitment to Midwestern values, Old National and First Midwest are both driven by a customer-centric approach to banking and an unwavering commitment to community,” Jim Ryan, chairman and CEO of Old National, said. “Receiving Federal Reserve approval paves the way for us to create a premier Midwestern bank that will provide significant benefits for our clients, team members, communities and shareholders.”
“This partnership is, at its core, a growth strategy, and as a combined organization, we will be in an even stronger position to invest, grow and innovate in talent, capabilities and services that will further set us apart as a market leader across the Midwest,” Mike Scudder, chairman and CEO of First Midwest, said.
After the merger closes, the combined organization will operate under the Old National Bancorp and Old National Bank names, with dual headquarters in Chicago and Evansville, IN. Once the merger is complete, Ryan will remain CEO of Old National and Scudder will become Old National’s chairman. Branch locations will continue to operate under their respective names until system conversion is complete, which is currently anticipated to occur in July.
