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Sunday, 04 January 2015 15:55

Old National's acquisition of Founders closes with new year

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Old National Bancorp’s $88.2 million acquisition of Founders Financial Corp. closed with the start of the new year.

The Evansville, Ind.-based Old National closed the deal Jan. 1, according to a document filed today with federal securities regulators. The deal for Founders Financial, the parent corporation of Founders Bank & Trust, marks Old National’s entry into the Grand Rapids-area market and adds four offices to the Michigan branch network for Old National, which now has 40 offices in the state.

Under terms of the acquisition, Old National plans to pay about $38 million in cash to shareholders at the privately held Founders Financial, plus more than 3.4 million in common shares, according to the filing with the U.S. Securities and Exchange Commission.

Old National has offices in Indiana, Michigan, Kentucky and Illinois and $11.2 billion in assets. The corporation reported net income for the third quarter of $29.1 million, or 26 cents per share.

The 23-year-old Founders Bank & Trust had $477.3 million in assets and $391.7 million in deposits as of Sept. 30, according to a quarterly financial report filed with the FDIC.

Read 1483 times Last modified on Monday, 08 June 2015 11:17

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