Old National Bank

Last updated
Old National Bancorp
Old National Bank
Company type Public
Nasdaq:  ONB
S&P 400 Component
Industry Finance
Founded1834;190 years ago (1834) (as Evansville National Bank)
Headquarters Chicago, Illinois
Evansville, Indiana, U.S.
Number of locations
180+
Area served
Indiana, Illinois, Kentucky, Michigan, Wisconsin, Minnesota
Key people
James "Jim" Ryan (CEO)
Jeff C. Newcom (COO)
Products Financial services
Increase2.svg $277.5 million (2021) $226.5 million (2020) [1]
Total assets Increase2.svg $24.5 billion (2021) $23.0 billion (2020)
Number of employees
2,900+ (2019)
Website oldnational.com
Old National Bank's Downtown Evansville riverfront headquarters was the first highrise in the state of Indiana to be built with LEED principles. Onb headquarters.jpg
Old National Bank's Downtown Evansville riverfront headquarters was the first highrise in the state of Indiana to be built with LEED principles.

Old National Bank is an American regional bank with nearly 200 retail branches operated by Old National Bancorp and based in Chicago and Evansville, Indiana. With assets at $48.5 billion and 250 banking centers, Old National Bancorp is the largest financial services bank holding company headquartered in Indiana and one of the top 30 banking companies in the U.S. [3] Its primary banking footprint is in Illinois, Indiana, Kentucky, Michigan, Minnesota, and Wisconsin.

Contents

History

An Old National Bank location in Granger, Indiana Old National Bank, Granger, IN.JPG
An Old National Bank location in Granger, Indiana

The bank was founded in 1834 as Evansville's first bank. It has operated under several names, including Evansville National Bank and Old State National Bank. In 1922, it was officially named Old National Bank. The bank holding company Old National Bancorp was formed in 1983 as a multi-bank holding company and now operates in Indiana, Michigan, Wisconsin, Minnesota, Kentucky and Illinois. [4]

In November 1995, Old National acquired the Greencastle-based First United Savings Bank for $18 million in stock. [5] [6] In the following year, Old National acquired the Bloomington-based Workingmens Capital Holdings with its Workingmens Federal Savings Bank subsidiary for an undisclosed amount in stock. [7]

Old National participated in the Treasury Department's Troubled Asset Relief Program (TARP) with the Treasury Department buying $100 million in preferred, non-voting stock. However, by March 2009 Old National had repurchased all of its outstanding stock and had fully exited the TARP program.

In 2009, Charter One's Indiana bank branches became Old National Bank after Old National Bank bought Charter One's Indiana operations. [8] [9] In January 2011, Old National acquired Bloomington-based Monroe Bancorp with its Monroe Bank subsidiary for $90 million in stock. [10] [11] Later that year, Integra Bank was closed by the Federal Deposit Insurance Corporation and all deposit accounts, excluding certain brokered deposits, were transferred to Old National. [12] In 2012, Old National acquired 24 retail bank branches of Bank of America in northern Indiana and southwest Michigan. [13] In 2014, Old National acquired four banks: Tower Bank in Fort Wayne, Indiana, United Bank in Ann Arbor, Michigan, Lafayette Savings Bank in Lafayette, Indiana, and Founders Bank & Trust in Grand Rapids, Michigan.

In May 2016, AnchorBank, the third-largest bank based in Wisconsin, was bought by Old National for approximately $461 million. [14]

In August 2017, Old National agreed to buy Anchor Bank of Minnesota for $303 million. The acquisition will add 17 locations in the Twin Cities and 1 in Mankato plus $1.7 billion in deposits and $2.1 billion in assets. [15] In June 2018, KleinBank, based in Chaska, Minnesota, announced its 21 locations were being acquired by Old National, increasing Old National's presence in the western suburbs of Minneapolis. [16]

In 2021, Old National merged with First Midwest Bancorp, combining the companies' assets, retaining the Old National name, and maintaining headquarters in Chicago and Evansville. [17]

On April 10, 2023, a mass shooting at the Louisville, Kentucky branch resulted in five fatalities (all employees) and eight other injured people, including a rookie police officer. The injured officer's partner subsequently killed the perpetrator, who was a current bank employee. [18]

In 2024, it was announced that CapStar Financial Holdings Inc. merged its operations with those of the bank. As a result, CapStar Bank became a division of Old National Bank. [19]

Services

The company offers retail banking (checking accounts, savings accounts and certificates of deposit, consumer loans including home mortgages, and small business banking & lending), business or commercial banking (checking accounts, savings accounts & CDs, commercial loans and lines of credit, credit cards, capital markets, treasury management, and merchant services), and wealth management, investment, trust and retirement products and services. [20]

In 1995, ONB was ranked number one in earnings momentum by banking journal Financial World. The bank was rated the 28th top performing bank in the nation for 2008 by Bank Director magazine.

Related Research Articles

Washington Mutual, Inc. was an American savings bank holding company based in Seattle. It was the parent company of WaMu Bank, which was the largest savings and loan association in the United States until its collapse in 2008.

<span class="mw-page-title-main">Bank One Corporation</span> Former bank of the United States

Bank One Corporation was an American bank founded in 1968 and at its peak the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, 2004, with its CEO Jamie Dimon taking the lead at the combined company. The company had its headquarters in the Bank One Plaza in the Chicago Loop in Chicago, Illinois, now the headquarters of Chase's retail banking division.

<span class="mw-page-title-main">U.S. Bancorp</span> American bank holding company

U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. As of 2019, it had 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. In 2023 it ranked 149th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.

<span class="mw-page-title-main">Citizens Financial Group</span> Eastern U.S. bank

Citizens Financial Group, Inc. is an American bank holding company, headquartered in Providence, Rhode Island. The company owns the bank Citizens Bank, N.A., which operates in the U.S. states of Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, and Virginia, as well as Washington, DC.

<span class="mw-page-title-main">National City Corp.</span> American bank and part of National City Corp

National City Corporation was a regional bank holding company based in Cleveland, Ohio, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first mortgage in America. The company operated through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, and Wisconsin, and also served customers in selected markets nationally. Its core businesses included commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management. The bank reached out to customers primarily through mass advertising and offered comprehensive banking services online. In its last years, the company was commonly known in the media by the abbreviated NatCity, with its investment banking arm even bearing the official name NatCity Investments.

TD Banknorth, formerly Banknorth, was a wholly owned subsidiary of the Toronto-Dominion Bank which conducted banking and insurance activities, primarily serving the northeastern area of the United States, headquartered in Portland, Maine. The bank became TD Bank, N.A. on May 31, 2008.

<span class="mw-page-title-main">National Bank of Detroit</span> Defunct American commercial bank

The National Bank of Detroit (NBD), later renamed NBD Bank, was a bank that operated mostly in the Midwestern United States. Following its merger with First National Bank of Chicago, the bank was ultimately acquired and merged into Bank One, at which point the NBD name was discontinued. Today, what was once NBD is owned by JPMorgan Chase & Co.

MainSource Bank was a community bank located in Greensburg, Indiana. The company was the operating subsidiary of the MainSource Financial Group. It operated banks in Indiana, Illinois, Kentucky, and Ohio. On May 25, 2018, all MainSource locations closed as part of the acquisition by First Financial Bancorp. Most locations reopened May 29, 2018 as First Financial Bank locations, but some locations remained closed if there was a redundant location nearby.

<span class="mw-page-title-main">New York Community Bank</span> US Bank

New York Community Bancorp, Inc. (NYCB), headquartered in Hicksville, New York, is a bank holding company for Flagstar Bank. In 2023, the bank operated 395 branches in New York, Michigan, New Jersey, Ohio, Florida, Arizona and Wisconsin. Branches used to be operated under the names Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Arizona and Florida. However, they rebranded all of these under the Flagstar name on February 21, 2024. NYCB is on the list of largest banks in the United States and is one of the largest lenders in the New York City metro area.

Firstar Corporation was a Milwaukee, Wisconsin-based regional bank holding company that existed from 1853 to 2001. In 2001, Firstar acquired U.S. Bancorp and assumed its name, moving its headquarters to Minneapolis.

<span class="mw-page-title-main">WesBanco</span> American bank holding company

WesBanco, Inc., is a bank holding company headquartered in Wheeling, West Virginia, United States. It has over 200 branches in West Virginia, Ohio, Western Pennsylvania, Kentucky, Maryland, and Southern Indiana.

Hudson City Bancorp, Inc., based in Paramus, in the U.S. state of New Jersey, was a bank-holding company for Hudson City Savings Bank, its only subsidiary, then the largest savings bank in New Jersey and one of the oldest banks in the United States, with US$50 billion in assets. It is now a fully publicly held entity and a member S&P 500 stock market Index. In 2005, its US$3.93 billion secondary offering of common stock was the largest in United States banking history. At the time, it was also the seventh largest domestic public offering in United States history The bank avoided the excesses of the housing boom and was labeled "best bank of 2007" by Forbes. M&T Bank agreed to acquire Hudson City on August 27, 2012.

Mercantile Bancorporation was the largest bank holding company in Missouri when it was acquired by Firstar Corporation in 1999.

First Midwest Bancorp, Inc was headquartered in Chicago, Illinois, just east of O'Hare Airport. The company's predecessor traces back to Joliet, Illinois. From there the company has grown to serve many Chicago suburbs including northwest Indiana, downstate Illinois, southeast Wisconsin and the Quad Cities area including Iowa. First Midwest Bank is one of the largest banking institutions in the United States

<span class="mw-page-title-main">Northwest Bank</span> Pennsylvania Bank

Northwest Bank is a bank headquartered in Warren, Pennsylvania. It is the leading subsidiary of Northwest Bancshares, Inc., a bank holding company, and operates 170 branches in central and Western Pennsylvania, Western New York, Northeast Ohio, Appalachian Ohio, and Indiana.

<span class="mw-page-title-main">First Financial Bank (Ohio)</span> Regional bank headquartered in Cincinnati, Ohio

First Financial Bancorp is a regional bank headquartered in Cincinnati, Ohio, with its operations centers in the northern Cincinnati suburb of Springdale, and Greensburg, Indiana. Founded in 1863, First Financial has the sixth oldest national bank charter and has 110 locations in Ohio, Kentucky, and throughout Indiana. First Financial acquired Irwin Financial Corp and its subsidiaries through a government assisted transaction on September 18, 2009.

<span class="mw-page-title-main">First Bank System</span> American regional bank holding company

First Bank System was a Minneapolis, Minnesota-based regional bank holding company that operated from 1864 to 1997. What was once First Bank forms the core of today's U.S. Bancorp; First Bank merged with the old U.S. Bancorp in 1997 and took the U.S. Bancorp name.

INB Financial Corporation was an Indianapolis-based statewide bank holding company that was the largest Indiana-based financial institution at the time it was acquired by Michigan-based NBD Bancorp in 1992. Its primary subsidiary was the Indianapolis-based INB National Bank, formerly the Indiana National Bank, which can trace its origins to the founding of the Second State Bank of Indiana in 1834.

<span class="mw-page-title-main">Star Banc Corporation</span>

Star Banc Corporation was a Cincinnati, Ohio-based regional bank holding company that acquired Firstar in 1998 and took the Firstar name; the merged bank acquired U.S. Bancorp in 2001 and took the U.S. Bancorp name. The company can trace its origins back to 1863 when it was first founded as the First National Bank of Cincinnati.

<span class="mw-page-title-main">Merchants National Corporation</span>

Merchants National Corporation (MNC) was an Indianapolis-based statewide bank holding company that was one of the largest Indiana-based financial institutions at the time it was acquired by Ohio-based National City Corporation in 1992. Its primary subsidiary was the Indianapolis-based Merchants National Bank and Trust Company, which was founded in 1865.

References

  1. "Form 10-K for the year ending December 31, 2021". Securities and Exchange Commission. Retrieved 2023-10-15.
  2. "Old National Place". Emporis . Archived from the original on March 5, 2007. Retrieved 2008-10-17.{{cite web}}: CS1 maint: unfit URL (link)
  3. "Our Company". SNL Financial . Retrieved 2017-05-31.
  4. "About Old National". Old National Bank.
  5. DeWitte, Dave (October 1, 1994). "Old National Buying Bank With Bloomington Locations \" . Evansville Courier & Press . p. C7. Old National Bancorp plans to enter the Bloomington, Ind., banking market with the acquisition of a thrift based in Greencastle. First United Savings Bank of Greencastle has agreed to a stock-swap merger with Old National valued at about $18 million.
  6. Werth, Brian (January 27, 1996). "First United changing its name - ONB Bank to offer expanded lending services" . Bloomington Herald-Times . Beginning Thursday, First United Savings Bank in Bloomington, will become ONB Bank, a subsidiary of Evansville-based Old National Bancorp. Old National Bancorp is a $4.8 billion multi-bank holding company, formed in 1982. It is the largest Indiana-based bank in the state, with 122 banking offices operating from 26 affiliate banks. Earnings for 1995 are expected to be more than $50 million, company officials said... Old National Bancorp actually completed a merger with First United Savings, which is based in Greencastle, last November.
  7. Werth, Brian (October 19, 1996). "Merger creates Workingmens/ONB" . Bloomington Herald-Times. One of Bloomington's oldest businesses - 111-year-old Workingmens Federal Savings Bank - officially will become Workingmens/ONB Bank at the end of business today. The ONB Bank office in Fountain Square Mall at the corner of Kirkwood and College avenues will close and operations will be blended into the Workingmens building at 121 E. Kirkwood Ave... The merger of Workingmens and ONB was announced in April, but it has taken this long to get the necessary stockholder and regulatory approval. ONB stands for Old National Bancorp of Evansville. It is the state's largest Indiana-based bank holding company, with assets of more than $5 billion.
  8. "Old National: Charter One Deal Hits Its Indiana Growth Targets". American Banker . November 26, 2008. Retrieved 2023-10-15.
  9. Corbin, Bryan (November 25, 2008). "ONB acquiring Charter One branches in Central Indiana". Evansville Courier & Press .
  10. Wersich, Carol (October 6, 2010). "ONB buying bank in Bloomington". Evansville Courier & Press .
  11. Orr, Susan (January 3, 2011). "Old National, German American complete separate acquisitions". Evansville Courier & Press .
  12. Orr, Susan (August 21, 2011). "The last hours and emotional toll of Integra's takeover". Evansville Courier & Press .
  13. "Old National Bank to Acquire Branches in northern Indiana and southwestern Michigan" (PDF) (Press release). Old National Bancorp. January 9, 2013. Archived from the original (PDF) on January 15, 2013. Retrieved January 9, 2013.
  14. Newman, Judy (January 13, 2016). "Indiana bank's purchase of Anchor BanCorp in line with industry's consolidation trend". Wisconsin State Journal .
  15. Kennedy, Clare (August 8, 2017). "Indiana bank to acquire Anchor for $303M". Finance & Commerce . Retrieved August 8, 2017.
  16. Rehkamp, Patrick (21 Jun 2018). "KleinBank to be acquired by Old National Bancorp". Minneapolis-St. Paul Business Journal . Retrieved 2023-05-12.
  17. Schwarz, Orrin (1 June 2021). "First Midwest to merge with Indiana bank". Daily Herald . Arlington Heights, Ill. Retrieved 18 August 2021.
  18. Krauth, Olivia (April 10, 2023). "Old National Bank shooting: What we know about Louisville gunman Connor Sturgeon". Louisville Courier Journal . Retrieved 2023-10-15.
  19. "Old National Bancorp Announces its Merger with CapStar Financial Holdings Has Been Completed". 18 WJTS-TV. Retrieved 2024-04-11.
  20. "Old National Bank Corporate Profile". SNL Financial . Retrieved 2021-03-29.

Further reading