Evansville, Ind. and you will il, Sick. –Old Federal Bancorp (“Old Federal”) (NASDAQ: ONB) and Very first Midwest Bancorp, Inc. (“Very first Midwest”) (NASDAQ: FMBI), together launched today he has got joined to the a decisive merger arrangement to mix from inside the a virtually all-inventory merger out of equals purchase having a complete market price out of $6.5 million to produce a leading Midwestern bank with $forty five million from inside the mutual possessions.
Having almost 270 combined several years of service and you can a discussed relationship in order to Midwestern beliefs, Dated Federal and you may First Midwest are two organizations driven by a good customer-centric approach to financial, a keen unwavering dedication to society and you can a powerful run corporate social duty, putting some combined organization new premier selection for group, subscribers and you may shareholders.
Within the regards to the fresh merger contract, which has been unanimously authorized by the Chatrooms off Administrators from each other enterprises, Earliest Midwest stockholders are certain to get step 1.1336 offers out-of Old National prominent inventory each express from Very first Midwest preferred inventory they own.
Michael Scudder, President and you may Ceo off First Midwest Bancorp, commonly act as this new Exec Chairman and you may Jim Ryan, President and you will Ceo off Dated Federal Bancorp, will maintain their character since Ceo
- Mark Sander, Chairman and you will Head Performing Manager (First Midwest)
- Jim Sandgren, Ceo off Commercial Banking (Dated Federal)
- Brendon Falconer, Master Monetary Manager (Old Federal)
- Kendra Vanzo, Chief Management Officer (Dated National)
- Kevin Geoghegan, Head Borrowing from the bank Manager (Very first Midwest)
- Thomas Prame, President out of People Financial (First Midwest)
- Chady AlAhmar, Ceo out of Riches Management (Dated Federal)
The company have a tendency to services under the Dated National Bancorp and you can Old Federal Bank brands, which have dual head office when you look at the Evansville, Indiana and you will il, Illinois
New Panel out-of Directors of one’s joint company get sixteen directors, including 8 directors out-of Dated Federal and you can 8 directors off First Midwest. Becky Skillman, lead independent manager having Dated National, will preserve so it updates in the combined business.
“Basic Midwest and you will Old National are two relationship-concentrated financial institutions with rich records, most suitable countries and you will a contributed commitment to enabling all of our website subscribers go financial profits,” told you Michael Scudder, Chairman and you will Chief executive officer away from Very first Midwest. “Due to the fact a blended business, we are for the an amount more powerful condition to pay, build and innovate into the skill, prospective and you will qualities which can boost an already superior customer feel and additional place all of us apart as an industry frontrunner besides when you look at the il but along the Midwest.”
“First Midwest’s leaders party and you will acquaintances just mirror the old Federal objective, opinions and you can culture, they also provide outstanding user and you will commercial financial functions,” said Old National online loans bad credit Oklahoma Chairman and you will President Jim Ryan. “We are positive that the latest effective synergies, more business coverage and you can financial electricity it connection produces have a tendency to push long-name shareholder worthy of, and then we was thinking about merging the latest a good legacies off one or two strong, client- and area-focused teams.”
Michael Scudder, Chairman and you will Ceo out-of Earliest Midwest Bancorp, usually act as this new Executive Chairman and you may Jim Ryan, Chairman and President out-of Old Federal Bancorp, will maintain their character just like the Ceo
- Reinforced markets position: The brand new mutual business will create the fresh sixth prominent financial based for the brand new Midwest, which have an exposure inside six of your own largest Midwestern MSAs, good commercial banking prospective, an effective shopping impact and you can a critical riches system. The 2 financial institutions have absolutely no services area overlap, limiting disruption.
- Top-tier industrial and you can society lender: That have a larger harmony sheet, a great deal more varied geographic impact and you may deeper device package, brand new combined business are certain to get improved capacity to suffice both existing and new customers and you may compete with the biggest banks on the part.
- Electronic and tech possibilities: This new shared organization produces the shape and you can profits so you’re able to speeds digital and you may tech capabilities to get coming opportunities into the user, wide range government and you can commercial banking functions.