An Indiana bank plans to enter the Southwest Michigan market with the acquisition of 20 branch offices from Bank of America.
The locations are part of a larger deal for Evansville, Ind.-based Old National Bancorp to acquire 24 Bank of America offices in Southwest Michigan and northern Indiana. The offices collectively have deposits totaling $778.8 million.
“This acquisition allows us to accelerate our growth market expansion strategy and strengthens our commitment to our current clients in the Michiana area by providing an enhanced network of banking centers and continued unparalleled client care,” Old National President and CEO Bob Jones said in a statement. “It also allows us to fulfill our previously stated desire to expand our franchise into Southwest Michigan communities.”
The transaction is pending federal regulatory approval.
Old National Bancorp is the largest financial services company based in Indiana with 200 offices and assets of $9.4 billion. The bank, which moved into northern Indiana in recent years, does not anticipate any job losses locally.
The bank is the leader in its hometown market of Evansville, recording a deposit market share of 32.22 percent as of June 2012, according to the annual FDIC Summary of Deposits. Fifth Third Bank ranks second in the Evansville market with a 27.88 percent deposit share.
Michigan offices included in the deal are:
- Adrian - 1380 S Main St.
- Battle Creek - 6030 B Dr. N
- Battle Creek - 25 Capital Ave. SW
- Battle Creek - 140 Columbia Ave. W
- Benton Harbor - 1803 M-139 S
- Blissfield - 520 W. Adrian St.
- Brooklyn - 131 S. Main St.
- Constantine - 1055 S. Washington St.
- Jackson - 215 S. Jackson St.
- Jackson - 1650 W. Michigan Ave.
- Kalamazoo - 220 N. Drake Rd.
- Kalamazoo - 5810 Gull Rd.
- Kalamazoo - 318 W. Michigan
- Kalamazoo - 3201 Portgage Rd.
- Kalamazoo - 6338 Stadium Dr.
- Niles - 1903 S 11th St.
- Paw Paw - 118 N. Kalamazoo St.
- Portage - 4431 W. Centre Ave.
- Portage - 6660 S. Westnedge Ave.
- Saint Joseph - 3125 Cleveland