Evansville, Ind. and you will il, Unwell. –Dated Federal Bancorp (“Dated National”) (NASDAQ: ONB) and you can Basic Midwest Bancorp, Inc. (“Very first Midwest”) (NASDAQ: FMBI), together established today they have entered into a definitive merger arrangement to combine in an almost all-inventory merger off means exchange with a total market value away from $6.5 million in order to make a premier Midwestern financial having https://empire-finance.com/student-loans/virginia $forty five billion in mutual possessions.

Having almost 270 combined years of provider and a shared connection so you’re able to Midwestern philosophy, Old National and you can First Midwest are two teams inspired by the a customer-centric way of financial, an enthusiastic unwavering dedication to society and you can a robust work at corporate personal obligations, making the joint organization the latest prominent choice for group, clients and investors.

Beneath the regards to the fresh merger contract, which was unanimously approved by the Forums of Administrators from both companies, First Midwest stockholders can get step 1.1336 offers out-of Old National preferred inventory for each display out-of First Midwest well-known stock they’ve.

Michael Scudder, President and Chief executive officer regarding First Midwest Bancorp, have a tendency to serve as the new Executive Chairman and you will Jim Ryan, Chairman and you will President of Old Federal Bancorp, will maintain his role while the Ceo

• Draw Sander, President and you may Captain Doing work Manager (First Midwest)
• Jim Sandgren, Chief executive officer off Commercial Banking (Old Federal)
• Brendon Falconer, Head Monetary Administrator (Dated National)
• Kendra Vanzo, Chief Administrative Manager (Dated Federal)
• Kevin Geoghegan, Master Credit Officer (Earliest Midwest)
• Thomas Prame, President regarding Community Banking (Basic Midwest)
• Chady AlAhmar, Chief executive officer away from Riches Administration (Dated Federal)

The newest providers will efforts underneath the Dated Federal Bancorp and you may Old National Financial names, having twin headquarters in the Evansville, Indiana and you may Chicago, Illinois

The brand new Board regarding Administrators of joint team are certain to get sixteen directors, comprising 8 administrators away from Old National and you can 8 directors out of First Midwest. Becky Skillman, direct separate director getting Old Federal, commonly preserve which position about combined business.

“Basic Midwest and Old National are two relationships-focused creditors having rich records, very compatible societies and you will a discussed commitment to helping our customers go economic achievement,” told you Michael Scudder, Chairman and you can Ceo out of First Midwest. “Because the a mixed team, i will be within the a level more powerful standing to invest, build and you may innovate when you look at the skill, potential and you can characteristics which can improve an already superior buyer experience and extra set us aside while the a market frontrunner not just within the Chicago but over the Midwest.”

“Earliest Midwest’s leadership cluster and you may associates besides mirror the existing National mission, thinking and you will culture, nonetheless they offer exceptional individual and you will industrial financial characteristics,” said Dated National Chairman and you may President Jim Ryan. “We’re positive that the brand new effective synergies, additional industry coverage and you will economic strength that it union brings have a tendency to drive long-identity shareholder really worth, and in addition we is thinking about merging the fresh an excellent legacies regarding a couple of solid, client- and you can community-centered groups.”

Michael Scudder, Chairman and you will President of Earliest Midwest Bancorp, commonly serve as the newest Professional Chairman and Jim Ryan, Chairman and President regarding Dated Federal Bancorp, will maintain their part because President

• Strengthened markets condition: The fresh new mutual company can establish the sixth biggest bank headquartered within the the brand new Midwest, having an exposure inside half dozen of largest Midwestern MSAs, solid commercial banking opportunities, a strong merchandising impact and you will a life threatening money platform. Both financial institutions provides absolutely no solution city overlap, restricting disruption.
• Top-level industrial and you can area lender: With a much bigger equilibrium sheet, more diverse geographic impact and you can better product room, the latest joint organization will get improved capacity to serve each other current and you may clients and you can take on the most significant banks on the area.
• Electronic and you may technical possibilities: The fresh mutual team creates the size and you may earnings so you can speeds electronic and you may tech potential to push upcoming assets within the consumer, wide range administration and you can commercial financial qualities.